3M Company's (MMM) CEO Mike Roman on Credit Suisse's 7th Annual Industrials Conference (Transcript)

Dec. 05, 2019 1:20 PM ET3M Company (MMM)6 Comments
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3M Company (NYSE:MMM) Credit Suisse's 7th Annual Industrials Conference December 5, 2019 9:30 AM ET

Company Participants

Mike Roman - Chairman and CEO

Conference Call Participants

John Walsh - Credit Suisse

John Walsh

All right. Welcome back, everybody. We are very excited to have 3M here again with us this year. Up on stage with me, we have Mike Roman, 3M's CEO. And I think before we get into Q&A, he has a couple of remarks he's going to make. And then, obviously, if you have questions, if you could please wait for the microphone just for the benefit of everybody on the webcast. Thank you.

Mike Roman

John thanks for having me here today. It's great to be here. So, maybe just to frame up our discussion a little bit. Looking back at 2019, certainly, 2019 was a challenging year and we saw some particular focused challenges in key end markets, China, automotive, and electronics. That's really framed up some of the things that we did during the year, it's really changed dramatically in first quarter, the outlook for the year.

We took actions. We Q2 cost restructuring actions. We've driven a focus on reducing inventory, realigning our manufacturing operations, our vertical integrated model enable us to do that. We've gotten on top of that; we've continued to drive productivity and cost.

Really strong cash flow. We've actually increased our cash flows as we come through the year because of that kind of focus. And then at the same time, we invest in the future. We -- our first priority in capital allocation is organic growth. And we continue to invest in the future. We have tremendous synergies at the center of 3M, unique technologies, advanced manufacturing, global reach, and capability, our brands. And so we continue to invest in those.

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