SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 16, 2000
(Date of earliest event reported)
MINNESOTA MINING AND MANUFACTURING COMPANY
(Exact name of registrant as specified in its charter)
File No. 1-3285
(Commission File Number)
Delaware 41-0417775
(State of incorporation) (I.R.S. Employer
Identification Number)
3M Center 55144-1000
St. Paul, Minnesota (Zip Code)
(Address of principal executive offices)
Registrant's telephone, including area code:
(651) 733-1110
ITEM 5. OTHER EVENTS.
See Exhibit 99 to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits Required by Item 601 of Regulation S-K
EXHIBIT NO. DESCRIPTION
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99 Press Release dated May 16, 2000
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
MINNESOTA MINING AND
MANUFACTURING COMPANY
By: /s/ Gregg M. Larson
--------------------
Gregg M. Larson,
Assistant Secretary
Dated: May 16, 2000
EXHIBIT INDEX
EXHIBIT DESCRIPTION
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99 Press Release dated May 16, 2000
EXHIBIT 99
FOR IMMEDIATE RELEASE
Investor Contact: Jon Greer Media Contact: John Cornwell
651-736-1915 651-733-7698
3M PHASING OUT SOME OF ITS SPECIALTY MATERIALS
ST. PAUL, Minn. - May 16, 2000 - 3M today announced it is
phasing out of the perfluorooctanyl chemistry used to
produce certain repellents and surfactant products.
The affected product lines represent about two percent
of 3M's nearly $16 billion in annual sales. These include many
Scotchgard(tm) products, such as soil, oil and water repellent
products; coatings used for oil and grease resistance on paper
packaging; fire-fighting foams; and specialty components for
other products. 3M said it plans to substantially phase out
production by the end of the year and will work with customers
to accomplish a smooth transition.
"Our decision anticipates increasing attention to the
appropriate use and management of persistent materials," said
Dr. Charles Reich, executive vice president, Specialty Material
Markets. "While this chemistry has been used effectively for
more than 40 years and our products are safe, our decision to
phase out production is based on our principles of responsible
environmental management."
"We're reallocating resources to accelerate innovation in
more sustainable opportunities and technologies. This decision
is not only in the public interest, it's in the best interests
of all our constituencies ... our employees, customers,
communities and investors," Reich said.
Sophisticated testing capabilities - some developed in
only the last few years - show that this persistent compound,
like other materials in the environment, can be detected broadly
at extremely low levels in the environment and in people. All
existing scientific knowledge indicates that the presence of
these materials at these very low levels does not pose a human
health or environmental risk.
About 1,500 out of 3M's global work force of 71,000
employees have jobs associated with these products. "Innovation
at 3M is at an all-time high, and there are many great
opportunities for employees across the company," Reich said.
3M expects to meet consensus earnings estimates for the
rest of 2000. This excludes a one-time charge on the order of
$200 million, that will be taken sometime this year.
"Our growth engines are more powerful than ever and we're
confident in our ability to continue delivering on expectations,"
said L.D. DeSimone, chairman and CEO. "Many of our new
technology platforms directly address the fastest-growing
segments of the new economy such as electronics,
telecommunications and flat-panel displays."
"We expect the positive momentum in our financial
performance to continue into 2001 with earnings somewhat
above current analyst estimates," DeSimone said.
3M is a leading manufacturer of innovative products for
industrial, consumer, transportation, safety, health care
and other markets, with operations in more than 60 countries
worldwide. The company is well known for its "Pollution
Prevention Pays" environmental initiative, and its emission
reduction programs including water-based replacement of
solvents in manufacturing and replacements for ozone-depleting
chlorofluorocarbons (CFCs).
FORWARD-LOOKING STATEMENTS
Certain portions of this news release that do not relate
to historical financial information constitute forward-looking
statements. These forward-looking statements are subject to
certain risks and uncertainties. Actual future results and
trends may differ materially from historical results or those
expected depending on a variety of factors, including:
(1) worldwide economic conditions; (2) foreign exchange
rates and fluctuations in those rates; (3) the timing
and acceptance of new product offerings; (4) raw
materials, including shortages and increases in
the costs of key raw materials; and (5) legal proceedings.
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FROM:3M Public Relations
3M Center, Building 225-1S-15
St. Paul, MN 55144-1000
651-733-8805
www.3m.com
