3M Company (MMM - Free Report) recently launched a new car window protection product called 3M Scotchshield Automotive Security Films. The new security film provides an extra layer of protection to vehicles against car theft. These films can be installed on any glass surface to reduce the risk of theft.
The U.S. has recorded one of the highest car theft rates in the world. Auto thefts reportedly occur every 33 seconds, adding up to 1 million cars a year with damages totaling $6.4 billion, as per the National Insurance Crime Bureau (NICB) study. The 3M Scotchshield Automotive Security Films protect vehicles from threats such as break-ins and severe weather events. These films work by holding the glass windows together in the event of a breakage, thereby creating an additional barrier for criminals and slow them down.
The 3M Scotchshield Automotive Security Films deliver superior performance in comparison to other films available in the market. They also prevent Ultra Violet rays from entering the vehicle. The glare reduction from sunlight helps drivers focus more on the roads. Additionally, metals that interfere with mobile phone and satellite radio reception are not used in the construction of these films. The new films also feature limited lifetime warranty.
3M remains focused on inventing new products and maintaining its competitive advantage worldwide. The rise in the demand for such innovative 3M product services is likely to augment its overall revenues.
3M together with its subsidiaries operates as a diversified technology company with manufacturing operations spread over 70 countries worldwide. It has more than 35 business units organized into six segments: Consumer and Office, Display and Graphics, Electro and Communications, Healthcare, Industrial and Transportation, Safety, Security and Protection Services.
3M faces tough competition from other players in the industry such as Crane Co (CR - Free Report) and United Technologies Corp (UTX - Free Report) . 3M currently has a Zacks Rank #3 (Hold). One of its competitors, Macquarie Infrastructure Company LLC (MIC - Free Report) carries a Zacks Rank #2 (Buy).