3M Company (MMM) Presents at Morgan Stanley’s 11th Annual Laguna Conference (Transcript)


3M Company (NYSE:MMM) Morgan Stanley’s 11th Annual Laguna Conference Call September 13, 2023 10:00 AM ET

Company Participants

Monish Patolawala – Chief Financial Officer

Bruce Jermeland – Investor Relations

Conference Call Participants

Joshua Pokrzywinski – Morgan Stanley

Joshua Pokrzywinski

Good morning, everyone. Welcome back to day 2 of Laguna. Thanks for making day 1 a success. I think a success, had some good feedback and some good conversations with companies. I think to keep the momentum going here, where we are started off with, I think, a great bellwether to have a good conversation, certainly a lot going on with 3M these days. Monish Patolawala, CFO; Bruce Jermeland, IR. Thank you both for joining us. Good to see you guys as always. Monish, maybe just kind of start us off what you are seeing? Any other observations you want to make up upfront and then we will dive into some questions, if that’s alright.

Monish Patolawala

Good. Excellent. Thanks for having us and it’s always a great conference to come to and thanks for all of you who attend because it’s great to have the one-on-one dialogues too. I just thought I’ll give a quick update on 3M strategy. I’ll make it into three pillars to make it easier for people and in no particular order at all. One is the spin of healthcare. As you know, the teams are doing an amazing job. It’s pretty much on track from a process perspective. Effective September 1, we announced a new CEO for our healthcare business. Bryan Hanson, who is a seasoned medtech leader, came to us from Zimmer Biomet. He was the Chairman and CEO of Zimmer Biomet. He has also had experience with Covidien Medtronic. He is on the ground. He is starting to get to know the team. He has immersed himself in the business and already quickly working through all the different steps that he



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