You’ve seen the logo everywhere. It’s on the bottom of your office tape, the back of your sponge, and probably somewhere inside your car’s engine. But honestly, most people have no clue what the Minnesota Mining & Manufacturing Company actually does anymore. Or, more accurately, what it doesn't do.
Most of us just call it 3M.
It's one of those corporate giants that feels permanent, like it’s been there forever and will be there until the sun burns out. But if you look at the last two years, the company is undergoing a massive, somewhat messy identity crisis. It’s not just a "sandpaper company" anymore. It hasn’t been for a century.
The Failed Mining Venture That Refused to Die
Basically, 3M started as a total disaster. In 1902, five guys in Two Harbors, Minnesota, thought they found a mountain of corundum. They wanted to sell it to abrasive wheel manufacturers.
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They were wrong.
The mineral they actually mined was anorthosite, which is pretty much worthless for making sandpaper. It was a bust. They were broke. Most companies would have folded right then and there. Instead, they moved to Duluth and started importing real minerals to make their own sandpaper.
This pivot set the tone for the next 120 years. 3M became a company that lives by the "15% Rule," where employees are encouraged to spend a chunk of their time on projects that aren't in their job description. It's how we got the Post-it Note. It’s how we got Scotch Tape.
The Big Split: Where Did the Healthcare Go?
If you’ve been looking for 3M’s healthcare products lately, you might have noticed a new name: Solventum.
On April 1, 2024, 3M officially spun off its entire healthcare division. This wasn't some minor side hustle; it was a $8.2 billion business. We're talking about everything from dental fillers to those electronic stethoscopes.
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Why do this? Honestly, it was about focus. 3M wanted to get back to its "material science" roots—things like adhesives, film, and abrasives. But there was another reason. The company was drowning in legal drama and needed to shield its most profitable assets.
The $16 Billion Legal Headache
You can't talk about the Minnesota Mining & Manufacturing Company today without talking about the lawsuits. It’s the elephant in the room.
The company recently settled two of the biggest mass torts in U.S. history. First, there was the Combat Arms Earplugs litigation. Veterans claimed the dual-ended earplugs were defective and led to hearing loss. 3M agreed to pay out $6 billion to settle those claims.
Then there are the "forever chemicals" (PFAS).
These are chemicals used in everything from non-stick pans to firefighting foam. They don't break down in the environment. 3M is paying roughly $10.3 billion over the next decade to help cities test and clean up these chemicals in public water supplies.
What 3M Actually Makes Now (2026 Edition)
So, if they sold the healthcare stuff and they're paying out billions in settlements, what’s left? A lot, actually. As of early 2026, the company is leaning hard into three specific areas:
- Automotive & Electrification: They make the thermal management materials that keep EV batteries from overheating.
- Data Centers: They’ve developed "immersion cooling" liquids. Instead of using fans, they literally dunk servers into a 3M liquid that doesn't conduct electricity but pulls heat away perfectly.
- Climate Tech: Think films that go on windows to block heat without blocking light, or filters that capture carbon directly from the air.
At CES 2026, CEO William Brown even debuted a new AI tool. It’s designed to help engineers simulate how different 3M materials—like specialized adhesives—will hold up in extreme conditions before they ever build a prototype.
Why It Still Matters
It’s easy to dismiss 3M as a "boomer stock" or a legacy manufacturer. But the reality is that they hold over 100,000 patents. They are the "company behind the company." If you use a smartphone, 3M made the film that makes the screen bright. If you fly in a plane, 3M made the adhesive that holds the interior panels together.
They are currently in the middle of a "back-to-basics" plan. They've cut the dividend, streamlined the management, and are trying to prove they can still innovate their way out of a corner.
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Actionable Insights for Following 3M:
- Watch the PFAS Payouts: If you're an investor or just a concerned citizen, keep an eye on the quarterly "litigation updates." The $10.3 billion for water systems is a known quantity, but personal injury lawsuits regarding PFAS are still a wild card.
- Monitor Solventum (SOLV): Since the spinoff, Solventum is a standalone stock. If you liked the healthcare side of 3M, that’s where you have to look now.
- Check the "New Product Vitality Index": This is a metric 3M uses to track how much of their revenue comes from products invented in the last five years. If this number starts dipping, it means the "innovation engine" is stalling.
- Look for the "3M Excellence" Model: The company is currently rolling out a new operating system to cut waste. In 2025, they saw a significant margin expansion because of it, and they're betting the farm on this efficiency in 2026.
The Minnesota Mining & Manufacturing Company isn't the same business it was ten years ago. It’s smaller, more focused, and significantly more litigious. But it’s still the place where a failed mining project turned into the tape on your desk.