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3M to build Singapore plant in effort to cut distribution costs
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3M Co. announced Monday that it is building a $200 million film-coatings plant in Singapore, marking its latest push toward operating closer to overseas customers and suppliers and driving down unnecessary distribution costs.
Last year 3M said it could slash up to $1 billion in freight, supply and tax costs by moving certain operations overseas. Last month, it said it is moving headquarters of its LCD-filmmaking optical systems business to a location in Asia.
Now, a new film coatings plant in Singapore is intended to expand, not replace, the company's existing coatings capacity, a spokeswoman said. The plant will make coatings for 3M's optical LCD film products, window films and products with automotive applications. Construction begins this quarter and is expected to be completed next year.
The factory will be the latest investment in Singapore, where 3M already has a customer innovation center and a plant that makes flexible circuits and electronic adhesives.
"This [latest] investment brings us closer to our customers and creates a regional source of supply, which significantly simplifies our supply chain and helps us respond more quickly to our customers needs in the fast-growing Asian market," said 3M Film Manufacturing Vice President Kevin Kuck.
3M, with $24 billion in annual sales and operations in 60 nations, also targeted Brazil, Russia, India, China and Poland as key emerging growth markets in which it's building factories.
Dee DePass • 612-673-7725
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