3M Company (MMM) recently received an additional order for its enhanced combat helmet from the U.S. government, thus increasing the total contract value from $80 million to $107 million. As per the terms of the agreement, 3M will deliver 35,000 helmets for the U.S. army, 2,500 helmets for the U.S. navy in addition to the 77,000 helmets for the U.S. Marine Corps ordered earlier.
The newly-designed enhanced combat helmet will be manufactured by Ceradyne’s,Inc – a wholly-owned subsidiary of 3M. A combat helmet is a type of personal armour that is designed specifically to protect the head during threats and combats. The combat helmets manufactured by 3M subsidiary give 35% improved ballistic and fragmentation protection over other available variants.
Over the years, 3M has gained strong expertise and knowledge by supplying thousands of protection helmets to the U.S. defense forces. Additionally, the company makes combat hearing and respiratory protection, body armour and communications systems for the U.S. forces.
3M remains focused on inventing new products and maintaining its competitive edge globally. The rise in demand for such innovative 3M product services is likely to augment its revenues in the future.
Together with its subsidiaries, 3M operates as a diversified technology company with manufacturing operations across 70 countries worldwide. The company aims to deliver innovative security solutions to businesses and governments worldwide; thus maintaining the security of people and documents.
3M currently has a Zacks Rank #4 (Sell). Other stocks that look promising and are worth a look now include CLARCOR Inc. (CLC), Compass Diversified Holdings (CODI) and Noble Group Ltd. (NOBGY), each carrying a Zacks Rank #2 (Buy).
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