3M forecasts US$350mn 2013 Russia turnover

3M expects to post a turnover of US$350 million (RUB 11.129 billion) in Russia this year – an increase of 16.6% on the $300 million (RUB 9.539 billion) posted in 2011, according to its CEO Inge Thulin. Russia accounts for 1% of total annual turnover for the globally renowned manufacturer of innovative products for transport, industry, healthcare, energy efficiency, security and other spheres. 3M estimates that developing countries will capture 40-45% of its total turnover within five years, up from t
October 31, 2013 Read time: 2 mins
152 3M expects to post a turnover of US$350 million (RUB 11.129 billion) in Russia this year – an increase of 16.6% on the $300 million (RUB 9.539 billion) posted in 2011, according to ITS CEO Inge Thulin.

Russia accounts for 1% of Total annual turnover for the globally renowned manufacturer of innovative products for transport, industry, healthcare, energy efficiency, security and other spheres.

3M estimates that developing countries will capture 40-45% of ITS Total turnover within five years, up from today's 34%.

Since 2008, 3M has owned a plant which manufactures respirators, home care products, anti-corrosion coatings, located in Volokolamsk, near Moscow. Another facility will open in the special economic zone Alabuga in Tatarstan (Volga) next year. It will produce anti-corrosion materials and abrasives, tapes and other products. The corporation also has three research laboratories in Russia. It has already received five patents in the fields of road safety (a road sign with internal illumination and a new type of reflector), printing (a new flexographic plate mounting technology), and telecommunications (a cable connector for use with armoured cable and a hook for optical cable. By the end of 2013, 3M plans to receive up to 10 new patents, and, within five years, to open new laboratories for the medical, oil and gas and other industries.

The B2B sector accounts for 90% of the company's business in Russia, whereas 15% of sales come from the oil and gas industry.

Thulin believes the Russian economy will see a rapid growth, fuelled, he predicts, by the technical transformation and growth of the middle class.

For more information on companies in this article

3M

Related Content

  • Metso looks to develop its international profile following its recent demerger
    March 12, 2014
    Metso CEO and president Matti Kähkönen explained how the company is evolving - Mike Woof reports Finnish crushing and screening specialist Metso is looking to expand its worldwide operations following the recent demerger of the group. CEO and president Matti Kähkönen said that Metso has been a multi-industry business for the last 14 years. The firm’s biggest divisions have been the joint construction and mining division and the pulp and paper business, with its automation sector being the smallest of the
    Read More
  • Winter maintenance challenge
    February 29, 2012
    Many countries had their most severe winter for years, but it could have been much worse without the right equipment and technology as Patrick Smith reports. As many countries faced up to the 2010-2011 winter, hard-pressed maintenance teams did their best to keep things moving on the roads. With some of the lowest temperatures and heaviest snowfalls on record, the UK, Republic of Ireland, Switzerland, France, Scandinavia, Germany, and Belgium were among those affected. Russia, eastern Europe and the USA did
    Read More
  • Aximum gains strength in route safety systems
    April 11, 2012
    Aximum is a comparatively new organisation, but it incorporates many old-established companies in the route safety business. As Alan Peterson discovered, it is 'ready to pick up speed' A few weeks ago the French-based Aximum Group added a fourth international subsidiary to its portfolio of businesses at the end of what has been a busy period for the fledgling company. Al Habtoor Aximum is a joint venture with the leading contractor in the United Arab Emirates (UAE), and with the backing of this highly rega
    Read More
  • Aximum gains strength in route safety systems
    March 1, 2012
    Aximum is a comparatively new organisation, but it incorporates many old-established companies in the route safety business. As Alan Peterson discovered, it is 'ready to pick up speed'. A few weeks ago the French-based Aximum Group added a fourth international subsidiary to its portfolio of businesses at the end of what has been a busy period for the fledgling company.
    Read More

Highlighted Content