For the Safety and Industrial business, which includes the automotive aftermarket, sales were $US3.1 billion, down 2.2%. Organic local-currency sales decreased 1.3%, and foreign currency translation decreased sales by 0.9%.
On an organic basis sales increased in closure and masking systems, abrasives, industrial adhesives and tapes, electrical markets and automotive aftermarket, and decreased in roofing granules and personal safety.
3M’s Automotive Aftermarket business had sales of $US302 million in the fourth quarter, down $US3 million or 1% from the fourth quarter of 2020. For the full year, automotive aftermarket sales were $US1,241 million, up $US142 million or 12.9% from 2020.
“3M delivered a solid fourth-quarter performance – with notable strength in December – as we maintained our relentless focus on serving customers in a challenging external environment. Our team effectively managed supply chain disruptions made good progress on pricing actions and controlled costs,” said 3M chairman and chief executive officer Mike Roman.
“Throughout 2021 we performed well, delivering full-year sales growth of 10%, robust cash flow and a strong increase in EPS. We also returned significant cash to shareholders, reduced debt and helped the world respond to COVID-19,” continued Roman. “As we continue to actively manage our portfolio and improve our operations, we will prioritise investments in fast-growing end markets to drive long-term growth, as well as advance our commitment to sustainability. As we enter 2022, I am confident we will continue to grow our business and find new ways to apply science to improve lives.”
This article courtesy of Russell Thrall III, publisher CollisionWeek. Check out the website at: www.collisionweek.com.