In a concerted move to augment its leading position in the market and capitalize on higher revenue-generating potential, 3M Company’s (MMM - Free Report) Filtrete Brand has launched the industry’s first Bluetooth-enabled HVAC (heating, ventilation and cooling) home air filter named Filtrete Smart Air Filter.
The Filtrete Brand focuses on developing products that improves air quality indoors. Filtrete Filters are meant to have an average duration of about three months. If not changed in time, they lose effectiveness. However, it has been found that since each home is different, determining the exact duration of a filter often becomes a difficult proposition. So, Filtrete’s new product is designed to help customers by doing away with the guesswork.
The new Filtrete Smart Air Filter has several features specifically designed to help customers. It comes with a special Bluetooth-enabled pressure sensor and Smart App which will notify users when it’s time to replace the filter. By connecting iOS or Android mobile devices via Bluetooth, filters no longer have to be replaced when the customary three months are over, rather the air flow and usage of the particular home will determine its longevity.
Since customers often forget the filter specifications like size and type, the Filtrete Smart App suggests online retailers who carry filters of similar specifications. Outdoor air quality information in the area and other areas will be similarly visible. The app will also display information on indoor air quality if used with a separate air quality monitor.
Filtrete Smart Air Filters will be available in the market from spring 2018.
3M intends to invest more on product innovations and research and development that will continue to support its organic growth in the future. The company’s ability to convert high R&D spends into up-cycle market share gains and strong pricing powers determine its success. Organic growth remains the first priority of the company as it continues to invest in infrastructure and commercialization capability. The company also remains focused on three key metrics namely, portfolio management, investment in innovation and business transformation.
3M's global footprint, diversified product portfolio and the ability to penetrate in different markets have been its key strengths as evidenced by its share price movement. Shares of 3M have outperformed the industry in the last three months with an average return of 10.6% against a decline of 0.6% for the latter.
3M currently has a Zacks Rank #2 (Buy). Other stocks worth considering in the industry include Raven Industries, Inc. (RAVN - Free Report) , Bunzl PLC (BZLFY - Free Report) and Leucadia National Corporation each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Raven has an expected long-term earnings growth rate of 10%. It has exceeded estimates thrice in the trailing four quarters with an average beat of 25.8%.
Bunzl PLC has an expected long-term earnings growth rate of 3.2%.
Leucadia National has an expected long-term earnings growth rate of 18%. It has exceeded estimates thrice in the trailing four quarters with an average beat of 21.2%.
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