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MMM

3M

$125.25 /

-12.55 (-9.11%)

05:55
03/23/20
03/23
05:55
03/23/20
05:55

3M CEO sees being able to nearly double capacity to almost 2B respirators

3M Chairman and CEO Mike Roman said in a post on LinkedIn: "3M has a unique and critical responsibility in pandemic preparedness and response - a responsibility I and all our people take very seriously. Our most urgent priority is the safety of our employees, healthcare workers and the public. Since the initial COVID-19 outbreak, we've ramped up to maximum production levels of N95 respirators and doubled our global output to a rate of more than 1.1 billion per year, or nearly 100 million per month. In the United States we are producing 35 million respirators per month; of these, more than 90% are now designated for healthcare workers, with the remaining deployed to other industries also critical in this pandemic, including energy, food and pharmaceutical companies. As a global company, we also manufacture respirators in Europe, Asia and Latin America, and our products are being similarly deployed to support the COVID-19 response in those respective regions... As I write this, more than 500,000 respirators are on the way from our South Dakota plant to two of the more critically impacted areas, New York and Seattle, with arrivals expected starting tomorrow. We are also ready to expedite additional shipments across the country. While 3M is currently operating at maximum production, we have accelerated investments to expand our global capacity even more. We anticipate being able to nearly double our capacity again, to almost 2 billion respirators globally, within the next 12 months. We are working with the U.S. and other governments, investigating alternate manufacturing scenarios, and exploring coalitions with other companies to increase capacity further. We've also maximized production of a wide range of other solutions being used in the response, including hand sanitizers and disinfectants." Reference Link

MMM 3M
$125.25 /

-12.55 (-9.11%)

01/09/20 Wolfe Research
3M upgraded to Peer Perform from Underperform at Wolfe Research
12/23/19
Fly Intel: Top five analyst actions
12/23/19 JPMorgan
JPMorgan's Tusa downgrades Rockwell Automation to Underweight with $150 target
12/23/19 JPMorgan
JPMorgan's Tusa upgrades 3M on Neutral on 'more stable' 2020 earnings

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