Tiny projector steals the show for 3M

3M unveiled a new micro projector and scores of other products to shareholders at its annual meeting Tuesday before welcoming Target's recently exited CEO to its board.

Shareholders reelected existing board members and voted in Target Chairman and former CEO Robert Ulrich, who replaces Rozanne Ridgway.

For Ulrich, 65, the 3M job marks the first new post since he stepped down this month as the chief executive of Target, the nation's second-largest discount chain. He joins at a time when 3M is working to boost lackluster U.S. sales.

Despite the challenging economy, 3M CEO George Buckley said, "the U.S. is the largest single market for us, so the U.S. has to grow faster."

Some 63 percent of sales come from overseas. That will soon rise to 70 percent.

Small projector, big hopes

3M is rolling out a slate of new products, including a new mini mobile projector -- the size of a 9-volt battery -- which can be embedded in mobile devices.

The tiny machine works by itself to display digital photos on any plain surface. Or it can be inserted in cell phones, MP3 players, laptops and other mobile devices. "Samsung will be the first large customer for 3M," Buckley told investors.

Shareholder Ginger Gilderhus wants one. She and her husband have a design business that requires lots of presentations. "This would come in handy," Gilderhus said. "Normally we have to lug around a lot of equipment."

It's that kind of reaction Buckley is counting on.

R&D investments rose 11.4 percent last year. The $24.4 billion conglomerate grew sales 6.7 percent last year and made 16 acquisitions. More are coming, along with new products and overseas investments. Combined, they are expected to help offset declining LCD film sales. 3M will also offset rising fuel and gas costs "that seem to know no bounds" with raw material substitutions and better plant and supply-chain management, he said.

Plugging power tools

Adjacent to the auditorium, 3M custom woodworking sales manager Mark Loera was busy plugging 3M's new line of power tools.

"We have 19 power tools and accessories ... and all are driven with an air compressor," he told Kathy and Archie Gillis, who drove down from Ontario for the annual meeting.

Archie fingered the machine's envelope-size vacuum bag attachment and grinned when he saw the sanding disk Velcroed right onto the machine. "This is a really good idea," he said.

Several booths away, lab manager Jeff Florczak held an acrylic solar Fresnel lens over a solar light panel, amplifying the sun rays so much that it maxed out the energy reader.

Shareholder Cy Svobodny watched in interest. He heats his Inver Grove house with solar energy, but his system's output turned sluggish last year. "This might help," he said.