NEW YORK: Industrial giant 3M reported rising quarterly profits on Tuesday as it ramps up production of N95 masks while combatting price-gouging and fraud during the coronavirus outbreak.
"Even with 3M's accelerated production, the stark reality is that global demand for respirators far outpaces the ability of the entire industry to deliver," chief executive Mike Roman said on a conference call."That is why as we urgently expand capacity, we are also prioritising and triaging our supplies to the most critical needs."
The company doubled global output of N95 masks to 1.1 billion per year and was in the process of working with the Defense Department to again double annual production to 2 billion per year by the end of this year, he said. The company has also published its prices to combat price-gouging. Company officials say N95 respirators should typically cost about US$1, but that some outfits are trying to sell them for US$10 or more.
A US judge in New York on Friday issued a temporary restraining order against Performance Supply LLC, a New Jersey company that 3M sued.
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