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3M expects third-quarter sales 2.5-3.7% higher YOY

September 29/2020

MOSCOW (MRC) -- 3M announced that August sales increased 2% year-on-year (YOY) despite one fewer business day, and said it expects third-quarter revenues to be 2.5-3.7% higher than the 2019 quarter, said Chemweek.

"While significant global economic uncertainty remains due to the COVID-19 pandemic, the company estimates, with one month left in the quarter, its sales to be in the range of USD8.2 to USD8.3 billion for the third-quarter," 3M says. The company reported sales of USD8.0 billion the third quarter of 2019.

Sales increased 23% in Health Care, 6% in Safety and Industrial, and 3% in Consumer, while Transportation and Electronics declined 11%. Organic local-currency sales increased 6% in Health Care, 5% in Safety and Industrial, and 2% in Consumer, while Transportation and Electronics declined 11%.

On a geographic basis, sales increased 7% in EMEA (Europe, Middle East and Africa) and 4% in the Americas, while Asia Pacific declined 2%. Organic local-currency sales were flat in both the Americas (including the US, up 1%) and EMEA, while Asia Pacific declined 5% (including China up 6% and Japan down 15%).

The company suspended its guidance due to uncertainty created by the COVID-19 pandemic, but has been reporting monthly revenue figures.

As MRC informed earlier, SIBUR and 3M have signed an agreement to cooperate in product development and polymer recycling at SIBURs PolyLab. Thanks to their durability, strength, eco-friendliness and other advantages, such polymers as polyethylene and polypropylene are some of the most widely used synthetic materials, popular with the construction, utilities, automotive, healthcare, food and other industries.

According to MRC's ScanPlast report, Russia's overall PE production totalled 1,712,400 tonnes in the first seven months of 2020, up by 58% year on year. Linear low density polyethylene (LLDPE) accounted for the greatest increase in the output. At the same time, overall PP production in Russia increased in January-July 2020 by 24% year on year to 1,063,700 tonne. ZapSibNeftekhim accounted for the main increase in the output.
Author:Anna Larionova
Tags:PP, PE, Sibur Holding.
Category:General News
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