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. Last Updated: 07/27/2016

Marking 10 Years Here, 3M Announces Expansion Plan

Giant U.S. conglomerate Minnesota Mining and Manufacturing Co., or 3M, plans to expand into new fields and raise its Russia revenues 90 percent by 2004, local 3M boss Hans Vervoort said Tuesday at a news conference marking the 10th anniversary of the company's Russia division.

The company sells products in 10 categories here, such as dental equipment and notepads, he said, and plans to sell in five more: mining, oil and gas, construction, fast food and dental medicine.

Vervoot said the main reason the company decided to expand its operations in Russia was its quick recovery from the 1998 crisis to be the top 3M division in Eastern Europe.

Andrei Zemsky, head of the industrial division of 3M Russia, said that the booming oil and gas industry has led to the creation of a new division in the company that will sell products used by leading companies like Shell and ExxonMobil.

Zemsky said the company intends to build a mobile plant to provide the giant Sakhalin-2 project with Scotchkote, a corrosion protection powder for pipes. Scotchkote, which was first used during the construction of the Caspian pipeline in 1999, increases the longevity of pipes up to 30 years, he said. Another oil and gas industry product 3M makes is a lubricant made of hollow glass granules that makes drilling easier.

The Minnesota-based company declined to give financial details of its investment plans.

3M, which posted global revenues of $16.7 billion last year, has operations in more than 60 countries and makes over 50,000 products in sectors including electronics, telecommunications, consumer goods, office supplies, health care and safety equipment. It is one of the 30 stocks that make up the Dow Jones Industrial Average.