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3M realigns business structure
3M has announced a realignment of its major business groups to better serve global markets and customers, effective immediately.
The new structure will be comprised of five business groups: Consumer (2011 sales of $4.2 billion), Industrial ($9.6 billion), Health Care ($5.0 billion) and two newly formed business groups: Safety & Graphics ($5.5 billion), and Electronics & Energy ($5.7 billion). Previously, the company operated six segments.
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Tesco first half profit drops on high turnaround costs
London -- British retailer Tesco reported Wednesday that profit dropped 6.8% in its first fiscal half to $2.06 billion, weighed down by costs associated with its turnaround strategy.
Revenue for the period inched up 1.6% to $51.9 billion, but costs were up as well for the world’s third-largest retailer. Same-store sales fell off 0.7%.
"The plan is a long course of treatment for us, not a single dose," new CEO Philip Clarke said of the turnaround plan.