3M could double its 2010 budget devoted to acquisitions
The U.S. industrial conglomerate 3M could spend about two billion dollars (1.6 billion) on acquisitions this year, twice more than its previous estimate, said Monday its chief executive in an interview with Reuters.
"We told Wall Street that we would spend probably a billion dollars or an amount close to that, but I doubt it will be a little higher," said George Buckley.
"It could be double that amount by the end of the year, it will depend on the success of our acquisitions," he added.
The labor market deteriorated in the U.S. and the slowdown in industrial activity have heightened fears of a slowdown in the recovery of the world's largest economy, which weighs on sentiment 3M.
Nevertheless, George Buckley believes that earnings growth should remain strong in the third quarter, after his company posted a 18% increase in turnover and a 43% jump in net profit for the period April- June
To maintain growth in profits, the leader of U.S. group, which produces both the Post-It, Scotch tape as films used in flat screens, is seeking to expand overseas in sectors such as health, safety or office products.