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3M reports lower quarterly profit


    NEW YORK (Reuters) - Diversified manufacturer 3M Co said on Thursday quarterly profit and sales fell due to the economic downturn and that it would cut capital expenditures by 30 percent in response to lower demand.

    The company, whose products range from Scotch tape to optical films for liquid crystal displays, posted fourth-quarter profit of $536 million, or 77 cents per share, compared with $851 million, or $1.17 per share, a year earlier.

    Sales fell 11.2 percent to $5.5 billion.

    The St. Paul, Minnesota-based company is a bellwether of the U.S. economy due to its broad lineup of businesses, which range from high-tech industrial products such as chemicals used in aircraft maintenance to basic consumer goods like Post-it notes.

    (Reporting by Helen Chernikoff; editing by John Wallace)