Diversified manufacturer 3M Co., known for producing Scotch transparent tape and Post-it notes, said Monday it formed a renewable energy division.
The new division aims to enable 3M "to maximize its technologies, products and responsiveness to the fast-changing renewable energy industry."
The division falls within 3M's Industrial and Transportation Business and will focus on Energy Generation and Energy Management. Within the new division, two business units have been established: Energy Generation led by business director Tracy Anderson, and Energy Management led by business director Ranjit Thakur.
"3M's new operation will serve the renewable energy market globally and bring the best products and technologies from a single source to customers worldwide," an official said.
Shares fell $3.24, or 6 percent, to $50.56 in afternoon trading.
