3M Co. dissolves Pattis Group - Brief Article

Folio: The Magazine for Magazine Management, March 1, 1994

The 3M Co. plans to divest its 3M Pattis Group, the nation's largest advertising rep firm for both trade and consumer magazines, that the company took over in May 1988. At least three managers--including Pattis Group president William Facinelli--are in negotiations that would allow the 58-employee operation to split into at least four new regional rep firms.

The plan appears to be a sudden change of direction for 3M Co., which saw its stock value tumble $4.125 a share on January 27, when it announced weaker than expected earnings for the fourth quarter. As recently as last November, 3M moved Pattis from Lincolnwood, Illinois, to new, larger quarters in Des Plaines. Not involved in the divestiture is the 3M Media Network Inc., an advertising insert company, or Tradewinds, a firm involved in barter deals that swap goods and services for advertising space in magazines.