(Reuters) -3M Co said on Wednesday it would return at least $10 billion in cash to shareholders and targeted an operating margin of about 25% by 2027, as the diversified manufacturer benefits from a restructuring under its new CEO.
Bill Brown, who succeeded Mike Roman as CEO in May, has focused on developing new products, redirecting spending from the company’s earlier priorities of mitigating legal liabilities and reducing supply-chain costs.
Saint Paul, Minnesota-based 3M has also focused on reining in costs and exiting less-profitable consumer product lines to combat slowing demand as part of its restructuring efforts.
3M also reaffirmed its annual forecast of organic sales growth in the range of 2% to 3%.
The company, which will host its annual investor day later on Wednesday, reported an operating income margin of 19.6% last year.
(Reporting by Kannaki Deka in Bengaluru; Editing by Sriraj Kalluvila)
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