3M ESTABLISHES SUBSIDIARY IN RUSSIA
3M ESTABLISHES SUBSIDIARY IN RUSSIA ST. PAUL, Minn., Jan. 29 /PRNewswire/ -- 3M (NYSE: MMM) announced
today the establishment of a wholly owned subsidiary company in Russia.
3M Russia, headquartered in Moscow, joins 3M Hungaria Kft., 3M Ceskoslovensko spol. s.r.o. and 3M Poland, Ltd., as 3M's fourth wholly owned subsidiary in the former COMECON countries of Central and Eastern Europe. 3M has been conducting business in Russia for over 20 years, most recently through its 3M East A.G. trading organization in Switzerland. 3M opened a representation office in Moscow in 1991. Managing director of the new company is Dag Helgestad, a former group executive of 3M Europe in Brussels. There will be limited staff and no local manufacturing is initially planned. "We will be building on our earlier successes in serving the Russian market for industrial tapes and adhesives, traffic control materials, data storage media, and occupational health and safety products, Helgestad said. "These developments strengthen the operations we are already conducting in Russia and further demonstrate our commitment to a long- standing partnership with Central and Eastern Europe." Major 3M brands sold in Russia will include Scotchlite brand high intensity reflecting sheeting for traffic management, Scotch brand pressure-sensitive adhesive tapes and 3M brand diskettes, the last of which have a commanding position in the Russian marketplace. 3M last year formed a joint venture with the Russian Ministry of Communications to produce 3M copper wire connecting and terminating products for use in telecommunications. This joint venture, Lentelefonstroy, headquartered in St. Petersburg, will report to Helgestad. A cooperation agreement between 3M and the Russian Highway Administration was announced last year. In accordance with this agreement, 3M is assisting the Russians to produce reflective signs for highways. This activity is not part of the new company. Establishment of 3M Russia brings to 57 the number of countries in which 3M has operations. The diversified manufacturer of more than
60,000 products has 89,000 employees worldwide. Its 1991 sales totaled $13.3 billion.
-0- 1/29 09:04 EST a4581 y.k.wr f bc-CPAC-cmplts-acquis
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|Date:||Jan 29, 1992|
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