> They don't spend on R&D like they used to, instead they've tried to acquire new products and technology.

From my understanding it was the opposite. They spend on R&D quite significantly but if a product isn’t profitable enough they sell it off. [0][1]

[0] http://m.startribune.com/3m-will-sell-corning-its-optical-fi...

[1] https://news.3m.com/press-release/company-english/3m-sell-it...