3M is a banker’s idea of no fun

since 2000, has done better over the short term. Its shares have returned almost 70% over the past three years including dividends, whereas 3M’s total return is flat even though it is a big dividend payer..

Since the turn of the millennium, 3M’s total return has been more than 400%, while GE shareholders are around 55% worse off than 21 years ago. 3M may lack good ideas, but at least it didn’t pay for bad ones.

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3M is stuck in conglomerate purgatory3M is stuck in a purgatory that other conglomerates are avoiding. While giants like General Electric and Johnson & Johnson undergo full-scale breakups, the $100 billion industrial giant that makes Post-it Notes said on Tuesday that it was merging its food safety group with Neogen . The deal, which gives the 3M division an equity value of $4.3 billion, won’t solve Chief Executive Mike Roman’s problem.
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