Impact of COVID-19 on the Manufacturing Industry: A Case Study of 3M Company

Abstract

The 2019 coronavirus pandemic is the largest impact on manufacturing since the 2008 financial crisis. The impact on the manufacturing supply chain is particularly prominent. Much of the research by economists on the impact of the pandemic on industries has focused on risk transmission and macroeconomics. However, there is a lack of research on the financial status of individual companies and the adjustment strategies of companies in the face of shocks. Through a case study of 3M company, this paper aims to explore the impact of COVID-19 on the manufacturing industry. By analyzing the company's internal financial situation and external environmental impact, this paper illustrates whether the company's adjustment strategy is useful during the pandemic. The results show that large manufacturing companies have the ability to internalize the impact of risks. At the same time, backward integration of supply chain management strategy is one of the best ways for companies to improve the robustness of the supply chain.