Diversified U.S. manufacturer 3M Co plans to spend about $1 billion on acquisitions over the next 12 months, its Chief Executive George Buckley told Bloomberg in an interview.

The company, which makes products ranging from Scotch tape to optical films for liquid crystal display televisions is planning make 10 to 20 acquisitions in various industries, Buckley told the news agency.

Buckley said 3M is looking for products that are well-known in their domestic markets.

I think you'll see us acquiring brands that will help us penetrate foreign markets, the news agency quoted Buckley as saying.

(Reporting by Ajay Kamalakaran in Bangalore)