Everyone's favorite supplier of tape is branching out into the renewable energy sector. 3M announced Monday that it is launching a renewable energy division to decrease pressure on other portions of its business.
According to Michael Roman, the division's new head, 3M will work on "products currently sold to the industry, new-to-the-world products invented for the renewable energy market, and products adapted from existing technologies."
The renewable energy division will be divided into two units: Energy Generation and Energy Management. Energy Generation will manufacture films, tapes, coatings, encapsulants, sealants and adhesives, while Energy Management will focus on window film technology.
The company already generates $200 million annually from solar-related items, including films, tapes, coatings, and adhesives.
3M's announcement comes after news that the company's net income dropped 37 percent in the fourth quarter of 2008. Company shares also dropped 19 percent in the past two months.