SEOUL, Sept. 19 (Korea Bizwire) – The local unit of U.S.-based multinational conglomerate 3M said Tuesday it will invest in the health and safety business as it attempts to find a new growth engine in the South Korean market.
Celebrating the 40th anniversary of its foundation here, 3M Korea said it will seek new business models using data analytics to better understand customers’ needs, especially in the health and safety sector.
“With the advent of the fourth industrial revolution and the mega-trend of the aging population, we observe a rising demand for products and solutions in the area of safety and health care,” said 3M Korea President Amit Laroya during a press conference held in Seoul.
Established in 1977, 3M Korea currently produces safety products to prevent, or respond to, accidents in areas including food production, transportation and military, the company said.
In the health care sector, the company makes products to prevent infections and improve patient convenience at hospitals.
It has more than 1,600 employees as of the end of last year with two local production plants, two distribution centers and a research lab.