3M famously sells thousands and thousands of different products.
And in the first few months of 2009, it appears the company sold less of just about all of them.
3M reported this morning that first-quarter profits were down 41 percent, compared with the same period a year ago.
Sales were down in every major division: Industrial and Transportation, down 28 percent; Health Care, down 8 percent; Consumer and Office, down 7 percent; Safety, Security and Protection Services, down 15 percent; Display and Graphics, down 30 percent; Electro and Communications, down 35 percent.
CEO George Buckley, in the company’s statement, attributed the declines to the global economic slowdown. The company lowered its expectations for 2009 but said it remains committed to maintaining R&D spending, he said:
“Our strategy will strengthen the company and position us for even greater success when global economies recover.”