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The Electronics Materials Solutions division of industrial goods manufacturer 3M Company (MMM - Analyst Report) recently introduced a new LED (light emitting diode) chip packaging substrate in order to lower the manufacturing cost of the industry. With such innovative products, 3M aims to maintain its competitive advantage worldwide and augment its overall revenues.

The new substrate, made of copper and polyimide, offers a viable cost-effective alternative to ceramic substrates widely available in the market. In addition, the product conforms to the electrical and thermal performance requirements of high-power LED chips at a reduced price. The substrate is offered in a tray and a reel format and can be used with wire bond and flip chip connections.

The 3D LED chip packaging substrate can be easily assembled without any adhesive, thereby avoiding potential thermal barrier or other quality-control issues at higher temperatures. The product leverages on over 40 years of experience of 3M in the circuit industry and about 50 years of experience in light management to offer low-cost reel-to-reel manufacturing with precision engineering.

3M, together with its subsidiaries, operates as a diversified technology company with manufacturing operations spread over 70 countries. Portfolio management, investment in innovation, and business transformation are the three key levers on which the company intends to focus moving forward. 3M will also continue to invest in capital expenditures and research and development to support organic growth across the globe.

Despite a challenging macroeconomic environment, 3M expects earnings in 2014 to be in the range of $7.30 to $7.55 per share with organic local currency sales growth of 3% to 6%. We remain encouraged with a steady stream of state-of-the-art products from the company’s stable and remain bullish on its guidance.

3M currently has a Zacks Rank #2 (Buy). Other stocks that look promising and are worth considering include Noble Group Ltd. (NOBGY), CLARCOR Inc. (CLC - Snapshot Report) and Icahn Enterprises, L.P. (IEP), each carrying a Zacks Rank #1 (Strong Buy).

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