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3M planning billion-dollar shopping spree, CEO says

3M CEO George Buckley tells Bloomberg that the Minnesota manufacturer plans to spend about $1 billion on acquisitions in the next 12 months.

Buckley tells the news service that 3M will make purchases in 10 to 20 industries, including brands to help it penetrate foreign markets.

Meanwhile, the company also plans to use surging profits from its fast-growing health-care unit to increase research and development funding.

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