3M Company (MMM) inked a 3-year agreement with 11-time Sprint Cup Series champions Hendrick Motorsports. The partnership will kick off with 3M acting as the primary sponsor of driver Jeff Gordon and his No. 24 Chevrolet SS team in the 2015 NASCAR season.
NASCAR (National Association for Stock Car Auto Racing) operates multiple auto racing sports events. Jeff Gordon is a 4-time NASCAR champion, with his 90 triumphs ranking third on the all-time wins list. 3M will serve as the primary sponsor for Gordon's No. 24 Hendrick Chevrolet in 11 NASCAR Sprint Cup races through 2017, and as associate sponsor in all other events.
Notably, St. Paul-based 3M will discontinue its sponsorship for rival driver Greg Biffle of Roush Fenway Racing. The partnership spanned a period of 10 years.
As sponsor, 3M will manage consumer promotions and product launches, along with leveraging business-to-business opportunities. All five of 3M's business divisions, which generate over $31 billion in annual revenues, will be engaged in the sponsorship activities.
Apart from the team sponsorship, 3M has been an official NASCAR partner across numerous categories since 1995. NASCAR sanctions over 1,500 races annually in the U.S. and Canada, and has presented exhibition races across the world. Over 65 of 3M’s products are used in the construction and maintenance of Sprint Cup Series race cars.
3M presently holds a Zacks Rank #3 (Buy). Other better-ranked stocks that are worth a look include Macquarie Infrastructure Company LLC (MIC), ITT Corp. (ITT) and Federal Signal Corp. (FSS), each carrying a Zacks Rank #2 (Buy).
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