US$300 million investment pledged by 3M

3M, the producer of Post-it notes and Scotch tape, plans to invest US$300 million in China over the next five years, including a US$40 million research and development centre in Shanghai, state media reported. The center, to be completed in May 2006, will be one of the US company's top five global R&D centres. 3M expects revenue from the Chinese mainland, Hong Kong and Taiwan to grow by 25% to US$1.7 billion in 2005, representing 8% of the company's global revenue.