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3M consolidates into 5 units

The diversified manufacturer said it will cut the number of divisions it has to 5 from 6. It also assigned new roles for some execs. The changes came after 3M (MMM) on Mon. announced it would purchase chemicals maker Ceradyne (CRDN) for $847 mil. The company's new divisions are: consumer, industrial, health care, safety and graphics, and electronics and energy. CEO Inge Thulin said the reorganization is a natural outcome of 3M's strategy to broaden its presence in its key markets. 3M shares rose 0.3% to 93.78.