3M Romania hoping for rebound

US-based 3M Company has seen its Romanian operations slowing down due to the world recession, but hopes to catch up this year. 3M, which operates in several fields and is best known as the inventor of the transparent adhesive tape, is planning to sell more than $20 million’s worth in products in Romania this year, Wayne Garrett, managing director of 3M’s Bucharest branch on Monday said. If the goal is attained, it would mean 3M has managed to somehow contain the international recession’s effects in the communications sector in which the company operates as fibre optics connector supplier among others. The recession pushed 3M Romania’s 2002 turnover down by nearly $4 million compared with 2001, i.e. from $22 million to $18 million. Profit followed suit and went down, too, yet Wayne Garrett hopes 2003 would be a year of catching up in this field. The company is planning to invest approximately $1 million in Romania this year. “3M has invested about $4-$5 million in its five years and a half in business in Romania,” the head of the Bucharest branch said. ZF