Through its new ventures business, 3M Company (MMM - Free Report) recently invested in Chilean company Lixivia to increase recuperation of copper sulfurate above standard levels through an innovative engineering process. This new technology is likely to be implemented in mining sites and exported to copper mines in the U.S., Australia, Mexico, Peru and some countries in Africa.
3M aims to increase miners’ productivity and recover more copper sulfurate which proves beneficial for the miners. To increase copper recuperation, this new technology consists of a catalyzing process that uses ferric nitrate dissolved in the lixiviation solutions as a reagent. The rise in demand for such innovative 3M product services and its business relationship with such companies is likely to augment its overall revenues.
3M intends to focus on the three key levers: portfolio management, investment in innovation and business transformation, going forward. Further, the company intends to continue investing in capital expenditures and research and development to support organic growth as it increases capital deployment to improve productivity.
3M, together with its subsidiaries, operates as a diversified technology company with manufacturing operations spread over 70 countries. The company aims to deliver innovative security solutions to businesses and governments worldwide, thus maintaining the security of people and documents.
3M currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look include Carlisle Companies Inc. (CSL - Free Report) , Hutchison Whampoa Ltd. and Tyco International Ltd. , each carrying a Zacks Rank #2 (Buy).