3M: May sales down 20%
(CercleFinance.com) - On Monday the US manufacturing conglomerate 3M reported a 20% drop in its May sales to 2.
2 billion dollars.
The manufacturer of abrasive products and protective equipment said its monthly sales suffered from an unfavourable calendar effect, as May 2019 had two more business days.
While sales of the Saint Paul, Minnesota group's healthcare division managed to resist somewhat, limiting their decline to 11% last month, those of its transportation and electronics division fell by 30%.
The consumer subsidiary (Post-it notes, Scotch tape, etc.) saw its sales fall by 12%, while those of the safety and industrial segment fell by 17%.
In geographical terms, the Europe, Middle East and Africa (EMEA) region recorded the sharpest decline (-26%), followed closely by the Americas (-21%).
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