St. Paul, MN, Dec. 11--3M Co.'s chairman and chief executive said on Wednesday that the maker of Post-It notes, sandpapers and other products is seeing modest signs of an economic pickup.
"Let's just say I'm encouraged," James McNerney told the Executives Club of Chicago in a speech at the Chicago Hilton. "I'm stopping short of being euphoric about that growth right now."
3M, often seen as an economic bellwether because of its broad product lines, is seeing "steady, slow, across the board, modest" growth in the U.S. for the first time in three years. McNerney told reporters after his speech.
Such growth isn't as strong as the nation's gross domestic product statistics would indicate, he added.
"I haven't yet figured out how to explain the difference between the modest upswing in manufacturing and this eight percent" growth, McNerney said.
3M is still seeing strong growth in Asia, where it has strong sales organizations, he said, but Europe remains sluggish.
"There are not many signs of life at all in Europe," McNerney said.
The demand for telecommunications products has picked up slightly in a few European countries, he said, although telecom generally remains in a slump.
McNerney, who has been mentioned as a possible CEO candidate at Boeing Co. where he sits on the board, said he intends to remain at 3M.
"I'm at 3M. That's where I want to be," McNerney said.
He said the resignation of Boeing CEO Phil Condit last week was not an easy time to be a board member.
"But I think Boeing's on the right path. I'm very happy with both companies," he said.
