The Board of Directors of 3M approved the authorization for the repurchase of up to $12 billion of 3M’s outstanding common stock. The authorization replaces the company’s existing repurchase program and has no pre-established closing date.
As announced on Dec. 17, 2013, 3M declared a dividend on the company’s common stock of 85.5 cents per share for the first quarter of 2014, a 35% increase over the quarterly dividend paid in 2013. The dividend is payable March 12, 2014, to shareholders of record at the close of business on Feb. 14, 2014. This marks 3M’s 56th consecutive year of dividend increases. The company has paid dividends to its shareholders without interruption for more than 97 years.
“Today’s announcement reflects our continued confidence in 3M’s future,” said Inge G. Thulin, 3M chairman, president and CEO. “Our plan allows us to increase investments in the business and reinforces our commitment of returning significant cash to shareholders.”