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"Building this new innovation lab is part of our growth strategy for India," said Inge Thulin, executive vice president, 3M International Operations. "Our intention is to accelerate development of products 'in India for India' through a local, cutting-edge R&D capability and to provide growth and developmental opportunities for local talent."
Jay Ihlenfeld, senior vice president, 3M Asia Pacific added, "The new lab also will draw from the expertise of 3M's global R&D network and leverage its multiple technology platforms to create winning solutions. In addition, we believe that this facility will be a critical hub to contribute product platforms for our global markets."
"This investment is a clear statement of 3M's commitment to India and our desire to grow and increase our footprint in this country," said Ajay Nanavati, managing director, 3M India. "Our focus will be to invest in the right talent to recognize and meet market needs -- local innovations from local talent."
Globally, 3M has 35 labs across the world. The new facility in India is expected to be completed by the fourth quarter of 2010.
About 3M India Ltd.
3M India Ltd. was established in 1988 and is majority-owned by 3M. The company markets about 5000 products in India including household brands like Scotch-Brite(R) and Post-it(R). The company has leading positions in health care; industrial markets; display and graphics; consumer and office; safety, security and protection services; electronics and communications; and transportation. 3M India's manufacturing facilities are located at Bangalore, Pune and Ahmedabad.
SOURCE: 3M
3M Media Contacts: Donna Fleming Runyon, 3M 651-736-7646 or Gail Sinha, 3M India Ltd. +91-80-66595312 or Investor Contacts: Matt Ginter, 3M 651-733-8206 or Bruce Jermeland, 3M 651-733-1807
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