3M plans to invest USD10 million to build a new research and development center in the northern part of Taiwan.
According to George Buckley, chief executive officer of the company, this move is expected to help promote 3M's future investment in Asia.
Joe Liu, vice president of business development for 3M Asia Pacific and China, told local media that the new R&D center will focus on the development of multi-touch displays and other electronic products.
In addition, Buckley revealed during the launch of the design plan for the new R&D center that 3M will continue to implement its 2011 capital expenditure plans, which stated the company will spend USD1.4 billion during the year. Buckley said that 65% to 70% of the capital expenditure will be allocated to areas outside America, and about half of the capital will be invested in Asia.
3M previously predicted that its revenue will increase by 15% in 2011 and its net profit will increase by about 5%. The company also claimed that during the year 2011, its revenue from the emerging markets will account for 33% of the total revenue of the company, much higher than the ratio of 17% in 2000.