A conglomerate is a corporation that operates in different business segments. Most of these conglomerates are multinational companies with global footprint. The top conglomerates in the world include brands like General Electric, Siemens, United Technologies, Honeywell International, Jardine Matheson, CK Hutchison, ThyssenKrupp Group, ABB, Noble Group & 3M. Here is the list of the top 10 conglomerates in the world 2016.
The 3M Company (formerly Minnesota Mining and Manufacturing Company from 1902 to 2002) was founded in 1902 by five businessmen in Minnesota.
Image: company website
3M is a well-diversified company that manufactures globally and invents technologies and markets a wide variety of products worldwide. It operates in five business segments – Industrial Business, Health care, Consumer segment, Electronics and Energy, Safety and Graphics.
The Industrial business division offers products such as tapes, different adhesives, advanced ceramics and specialty materials. It is leader in precision grinding technology that is used by automotive, oil and gas, electronics and defense industries.
The health care business division caters to hospitals and clinics, Pharmaceutical companies, dental and orthodontic practitioners, food manufacturers and testers. It provides products such as medical supplies, skin health products, drug delivery systems.
Consumer business division produces office supplies, stationary products, and protective products for costumers that include retail consumer, office businesses, drug and pharmacy retailers.
The Electronics and energy division serves to electronics market using products that improve the dependability and performance while reducing costs. These electrical devices include power generation and production, telecommunication networks and others.
The safety and graphics division provides products used for traffics safety, civilian and border security. Its product include fall protection equipment, architectural design solutions for different surfaces.
The growth strategy of the company depends three key aspects – portfolio management of products and acquisition of new businesses with growth opportunities, investing in innovation by increased R&D productivity and investment in new growth platforms, and business transformation by implementing ERP, enhanced supply chain and increased service levels to customers whiles reducing cost.