Andrew Leckey

Nothing seems to hold down the manufacturer of Scotch Tape and Post-It Notes as it actively introduces innovative new products and expands its overseas reach.

Sales of its automobile-materials, water-filtration, health-care, consumer and office-related products have been strong. These have universal appeal and account for the company's robust growth in developing markets such as India, China and Brazil.

Yet to remain profitable this diversified company must cope effectively with economic uncertainty, introduce new technologies and make wise acquisitions.

Another uncertainty: There is no clear successor to Chairman and CEO George Buckley, who is scheduled to step down on his 65th birthday in February 2012, unless his term is extended by the board. Buckley maintained profitability throughout the recession.

A dual citizen of the U.S. and U.K., Buckley recently received a knighthood from Queen Elizabeth for his business achievements and can now be called "Sir George."

The board says it is considering a range of CEO candidates. Longtime company executive Inge Thulin recently gained visibility as a potential candidate when he was promoted to chief operating officer.

3M (MMM) shares are up 5 percent this year following a 4 percent increase last year and 44 percent rise in 2008. The stock is a component of the Dow Jones industrial average and Standard & Poor's 500.

First-quarter 3M earnings rose 16 percent, though the firm expects that disruptions from Japan's earthquake, tsunami and nuclear woes will cost it about one percentage point in sales growth this year. 3M has a strong balance sheet, the financial capacity to make acquisitions and it continues to work on improving its international supply chain structure.

Consensus analyst recommendation on 3M stock is "hold," according to Thomson Reuters, consisting of six "strong buys," five "buys," six "holds" and one "underperform."

3M, originally known as Minnesota Mining & Manufacturing, makes industrial products such as liquid crystal display films, health-care technology, heavy-duty adhesives and panels for solar cells. It is an aggressive acquirer, most recently entering an agreement to buy Advanced Chemistry & Technology Inc., a maker of polysulfide sealants for aerospace.

Earnings are expected to increase 9 percent this year compared to 13 percent for diversified industrial companies. Next year's projected 12 percent is in line with the forecast for its peers. The five-year annualized growth rate is expected to be 11 percent versus 14 percent forecast industry-wide.