There were some interesting comments out of 3M Co. (NYSE: MMM) where CEO George Buckley was speaking to institutional investors and investment analysts about the company’s core business operations. One area that may represent huge growth for the company is the alternative energy sector. CEO George Buckley was highlighting 3M ventures in solar energy, industrial air and water filtration, mining and minerals extraction, oil and gas, and food safety. But it also discussed alternative energy efforts in further detail and noted that the company was launching a renewable energy unit as soon as next month.
This alternative energy unit will focus on alternative energy in solarand wind. The company has already generated about $200 million inannual solar-related sales, and that has grown 20%. Buckley also saidthat the current solar market of $20 Billion in 2008 will reach $50Billion in 2012.
The company is also highlighting that breakthrough products are alreadyin the pipeline. Its 5 solar energy components are running in ingots,wafers, cells, modules, and systems; and it outlines its costs per wattthere. It currently offers mirror films, Fresnal lens, thermoformedmirrors, and encapsulant films.
The company is also planning on expanding its water operations afterits Cuno acquisition. To see other growth areas outlined, you can readthe full Buckley presentation here.
Jon C. Ogg
September 9, 2008
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