Word: 3m
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Dates: during 1960-1969
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President Bert S. Cross of the 3M Co. - nee Minnesota Mining & Manufacturing - called up a vice president to ask a question: "Say, just how many divisions do we have now?" The answer is 21, and the otherwise precise president should be forgiven for not knowing, because his company has been going and growing like sixty. Sales have tripled since 1955, and last week Cross announced that volume for this year's first nine months jumped 10%, to a record $664 million...
...twice the speed of Xerox machines but that require special paper. American Photocopy demonstrated its new "Dial-A-Copy," which has a telephone-like dial on which the user can order from one to ten copies, and SCM (Smith Corona-Marchant) showed its similar, dial-operated Model 44. 3M displayed six specialized machines that produce by means of heat and light sensitivity; one turns out single copies on heat-sensitive paper for about 310, and another produces 40 copies a minute on ordinary paper for about 10 each...
...companies better personify corporate achievement than St. Paul's Minnesota Mining & Manufacturing Co., known for short as "3M." Sales of 3M products ranging from Scotch tape to missile-tracking components have skyrocketed from $4,700,000 in 1931 to $549,700,000 last year. Hundreds of U.S. investors who put their trust-and dollars -in research-minded 3M have blossomed with new wealth as the company's stock soared, split and soared again...
Last week, bringing criminal charges against the company, the Justice Department contended that hard work and imaginative research did not constitute the whole story of 3M's success. For the past three decades, the nine-count indictment said, 3M has systematically violated the Sherman Antitrust Act by attempting to monopolize markets in sealing and masking tapes, magnetic tape and aluminum lithograph plates. Among the charges: > That in exchange for licenses to produce 3M-patented products, 3M demanded of competitors the right to fix prices and production and dictate markets. > That to supplement the patent-licensing tactic, 3M banded together...
...grand jury, thus far, has cast 3M as the heavy in the Justice Department's latest antitrust drama. It has named ten other companies and the Illinois Institute of Technology's Armour Research Foundation as co-conspirators but has not asked for their appearance in court as defendants. Refusing to comment on the charges in detail, 3M President Herbert P. Buetow last week would only say that it is "firm company policy to operate in conformity with the antitrust laws." But he did note pointedly that Justice Department trustbusters spent 15 years looking into 3M's affairs...