The ratings on 3M Co. reflect its leading market positions, good product diversity, and strong financial profile. The company makes more than 60,000 products for the industrial, consumer, and life sciences markets. 3M's business benefits from broad product and customer diversity and, with its broad portfolio of businesses, 3M's overall earnings and cash flow performance are fairly stable during business cycles. 3M excels at developing new products and leveraging key core technologies such as adhesives, films, and abrasives. As a result, the company's returns on capital consistently exceed 25%. Management has been trying, with some success, to make operating and financial process improvements that lower costs and enhance cash flow. While 2002 sales grew a modest 2%, to a little
