HomeMy WebLinkAbout2014 04-01 For the first time, 3M moves its annual meeting out of Minnesota STAR TRIBUNE4/6/2016
For the first time, 3M moves its annual meeting out of Minnesota- StarTribune.com
BUSINESS
For the first time, 3M moves its annual
meeting out of Minnesota
By Dee DePass (http://www.startribune.com/dee-depass/10644746/) Star Tribune
APRIL 1, 2014 - 5:29AM
3M Co. is leaving town for its annual meeting for the first time.
The company, one of the best-known names in Minnesota business and the state's most
valuable company by market capitalization, will meet shareholders in Austin, Texas, in
May instead of at its usual venue, St. Paul's RiverCentre.
Company officials said the switch is meant to shine attention on its Austin -based energy
and electronics business.
The unit is one of five main businesses in the $30 billion company, whose diversified
products include Post -it notes, hospital supplies and optical films for cellphones.
Colleen Harris, a spokeswoman for Maplewood -based 3M, said energy and electronics
"businesses have been an integral part of 3M's success. So we are making this move there
for now.... Being in Austin, Texas, gives us the chance to meet with shareholders there."
But as corporate revenue rose 3 percent last year, sales for the energy and electronics
unit fell 1.2 percent to $5.39 billion. At the same time, the unit's operating income fell 7
percent to $954 million.
There have been rumors recently that 3M might spin off the electronics business, but the
company has declined to comment on what it called "speculation."
In announcing full -year results in January, 3M executives noted that the consumer and
electronics market remains somewhat strained.
At the time, Edward Jones equity analyst Matt Arnold said that demand for 3M's once -
highly -popular screen -brightening films has been hurt by the shift from laptops to
smaller cellphones and tablets. As a result, less optical film is needed. In addition, the
growth in demand for cellphones is starting to level out, which is also impacting 3M.
The change in annual meeting locations is likely to disappoint throngs of loyal attendees
who were typically 3M retirees, local boosters and shareholders from Minnesota and
Wisconsin. 3M's annual meeting used to be the "go -to" event of the year for many.
During the recent recession, 3M cut back and stopped giving shareholders goody bags
full of its consumer products. It also stopped the free lunch and the practice of opening a
large "3M store" inside the RiverCentre. And last year, it didn't host its traditional trade
show, which showcased scores of 3M researchers, scientists and new innovative
products and displays.
CEO Inge Thulin said last year that the new approach is better, saves money and
transformed the annual meeting into "a business meeting." "I like the current format and
won't go back," he said.
The change was noticed by retirees who said they liked the old format better.
The change also impacted attendance. Shareholders, who used to pack the 5,500 -seat
RiverCentre, barely filled half of it at the 3M meeting last May.
For the May 13 meeting in Texas, Harris did not know what to expect in the way of
attendance. The meeting will be held at the Austin Convention Center, which can hold
up to 3,000 guests in its largest room.
(http://stmedia.startribune.com/images/3MO33114.jpg)
ARIANA LINDQUIST, BLOOMBERG
3M will hold its annual meeting outside of
Minnesota this year.
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4/6/2016 For the first time, 3M moves its annual meeting out of Minnesota- StarTribune.com
RiverCentre executives learned of Ws change a few months ago. "It was last-minute,"
said RiverCentre staffer Gabe Clendenen, comparing it with the typically lengthy lead
time for booking events. "It was last fall that they finally told us that they were going to
Texas. As far as we know, they are not looking to come back to us."
dee.depass@startribune.com 612-673-7725 DePassStrib
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