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Energy

3M Joins the Renewable Energy Parade (MMM)

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By Douglas A. McIntyre Updated Published
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3m_logoThe 3M Company (NYSE:MMM) announced this morning that it was launching a new Renewable Energy Division. The division includes two business, Energy Generation and Energy Management.  The Energy Generation business focuses on 3M products that "help reduce the cost of renewable energy." The Energy Management business will concentrate on window film products that reduce the amount of heat and ultraviolet light that penetrate plain building and auto glass.

The new 3M division sounds like just a reorganization. According tothe announcement, "the new division will include products currentlysold to the industry, new-to-the-world products invented for therenewable energy market, and products adapted from existingtechnologies." Does 3M need a new division just to do what it alreadydoes?

Apparently so. If economic stimulus money for renewable energy productsis about to be spread around from the US government, there’s no harm inletting Uncle Sugar know that that’s your business too.

3M shares are trading at about $52.50 early this morning, down 37% from the 52-week high of $83.22

Paul Ausick
February 2, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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