An efficient localisation strategy has helped diversified US manufacturer 3M Co cut its operating cost in China, reports the China Daily.
Quoting George Buckley, president and chief executive officer, 3M, the Daily says the company doesn't directly export things from China, but manufacture products in China, and employ mostly Chinese people. "3M is technically a Chinese company," Buckley told the Daily.
The "China-for-China" strategy has helped lift the company's global net profit to US$1.12 billion in the second quarter, reveals the Daily. Sales of the company are forecasted to reach $2.9 billion this year in China and 3M plans to grow this to $5 billion by 2015.