It has been almost a year since John Banovetz was promoted to 3M chief technology officer and senior vice president of research and development (R&D), where he oversees 8,000 scientists. Banovetz started at 3M in 1995 as a research chemist studying acrylic adhesives and tapes. The Minneapolis native eventually led that division, then the corporate research lab before being promoted into his current position. As 3M marches toward 2020 — after divesting from some high-profile businesses and acquiring behemoths such as Capital Safety and Scott Safety — Banovetz talked about future trends, products and growth opportunities for the Maplewood giant that boasts $31 billion in annual sales and factories, labs and businesses in 70 countries. His responses have been edited for clarity and space.
Q: Are 3M's growth drivers changing? A few years ago, 3M touted its high-tech ceramics, its radio frequency ID technology, its library book tracking and passport security products as industry game-changers. Today, many of those businesses have been sold. What products and technologies are high on 3M's radar today?
A: Auto electrification is huge. It is a great area that we are very, very excited about.
Q: In what other technology areas is 3M investing?
A: One area to think about is air quality and respiratory health. It's a huge issue around the world, particularly in emerging markets like China, India and Southeast Asia. As a science-based company, we actually have quite a bit of technology behind preventing respiratory problems. That is in our airborne-contaminant exposure reducing respirators, powered respirators and disposable respirators. That is in our filter technology. These can really improve people's air quality. And we make things like metered dose inhalers for COPD [chronic obstructive pulmonary disease]. This is one of the new areas where we can have a big play. We have the technology and capability. We have the global reach and can really address issues that are a tough problem for the world and for people. We have launched a new respirator designed for children in China that is through our consumer division. We are starting to realize what a big opportunity this is and what impact it can have on people.
Q: 3M has been in the respirator business for a long time. What changed?
A: In the past, it would have been one 3M business or one area of our company looking at global respiratory issues. But I think we are starting to dig into it holistically, and from across all our businesses. To be honest, it's early to know where that goes. We are starting to look at this across the spectrum to learn the total impact that we can have on people's lives. When we do that, we tend to bring new technologies into new areas, which then results in new products. I'd say that is probably the biggest change.
Q: How so?