Sources inform “Globes” that US concern 3M Company (NYSE: MMM) has decided to invest in R&D in Israel. 3M has an annual gross profit of $3.71 billion on revenue of $18.23 billion, and 67,000 employees worldwide.
3M invests 7% of its profits, amounting to $1 billion annually, in R&D. The company has set no limit for its investment in Israeli R&D. Investment will be according to opportunities discovered by 3M, and their business viability.
3M’s investments will initially focus on health and personal safety, since health accounts for 20% of 3M’s business worldwide. 3M’s health activity includes systems and devices for drug delivery, skin products, advanced bandages, IVF, and other products for preventing surgical infections.
3M is also interested in developing innovative technologies in Israel for protection of passports and paper money against counterfeiting, and for biometric identification, a field that 3M plans to enter in the future.
Investment is planned through various types of cooperation. These include joint ventures, investments in Israeli companies, partnerships confined to R&D, acquiring companies, and investing in the promotion of specific products to be developed exclusively for 3M, which may also be manufactured in Israel at a later date.
Published by Globes [online] -l www.globes.co.il - on October 24, 2003