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. As a result, 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, resulting in returns on capital consistently exceeding 30%. 3M has experienced sales growth in 2003 in its more profitable businesses, namely Display and Graphics, Health Care, and Safety operating segments. In addition, management has been trying, with some success, to make operating and financial process improvements
