3M Annual Meeting Highlights Year of Preparation, Progress and Performance
ST. PAUL, Minn. -- May 14, 2013
3M Chairman, President and CEO Inge G. Thulin, highlighted 3M’s progress
toward realizing its vision and strategic objectives at today’s Annual Meeting
of Stockholders held at the River Centre in St. Paul.
Thulin discussed the company’s efforts to improve portfolio prioritization, to
better align its businesses with customers, and to increase investments in R&D
to accelerate growth. “As we work to create the future of 3M, innovation
remains at the center of our plan,” said Thulin.
Thulin told shareholders that the first quarter in 2013 produced solid results
with sales at a record $7.6 billion. Earnings per share were up slightly year
over year to $1.61. In the quarter, 3M returned $1.25 billion of cash to
shareholders via dividends and share repurchases, and announced the company’s
55^th consecutive annual dividend increase.
“We are working to build an even stronger future for 3M,” said Thulin. “We
will focus on fully realizing the opportunities before us, on winning in the
marketplace, and on making 3M the driving force of innovation and success.”
Preliminary Shareholder Voting Results
3M shareholders today elected each of the 11 nominees to the company’s Board
of Directors for a one-year term that expires at the 2014 Annual Meeting by
the vote of the majority of votes cast:
*Linda G. Alvarado, president and CEO, Alvarado Construction Inc.
*Vance D. Coffman, retired chairman and CEO, Lockheed Martin Corp.
*Michael L. Eskew, retired chairman and CEO, United Parcel Service Inc.
*W. James Farrell, retired chairman and CEO, Illinois Tool Works Inc.
*Herbert L. Henkel, operating partner, Advent International Corp.
*Muhtar A. Kent, chairman and CEO, The Coca-Cola Company
*Edward M. Liddy, partner, Clayton, Dubilier & Rice LLC
*Robert S. Morrison, retired vice chairman, PepsiCo Inc., and former
interim chairman and CEO, 3M
*Aulana L. Peters, retired partner, Gibson, Dunn & Crutcher LLP and former
Commissioner of the Securities and Exchange Commission
*Inge G. Thulin, chairman, president and CEO, 3M
*Robert J. Ulrich, retired chairman and CEO, Target Corp.
Shareholders ratified the appointment of PricewaterhouseCoopers LLP as 3M’s
independent registered public accounting firm for 2013.
Shareholders approved, on an advisory basis, executive compensation.
Shareholders rejected the stockholder proposal on stockholder action by
Shareholders rejected the stockholder proposal on prohibiting political
3M also will disclose the final voting results on each item of business
properly presented at the Annual Meeting in its Current Report on Form 8-K to
be filed with the SEC.
3M captures the spark of new ideas and transforms them into thousands of
ingenious products. Our culture of creative collaboration inspires a
never-ending stream of powerful technologies that make life better. 3M is the
innovation company that never stops inventing. With $30 billion in sales, 3M
employs 88,000 people worldwide and has operations in more than 70 countries.
For more information, visit www.3M.com or follow @3MNews on Twitter.
This news release contains forward-looking information about 3M's financial
results and estimates and business prospects that involve substantial risks
and uncertainties. You can identify these statements by the use of words such
as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe,"
"will," "target," "forecast" and other words and terms of similar meaning in
connection with any discussion of future operating or financial performance or
business plans or prospects. Among the factors that could cause actual results
to differ materially are the following: (1)worldwide economic and capital
markets conditions and other factors beyond the Company's control, including
natural and other disasters affecting the operations of the Company or its
customers and suppliers; (2) the Company's credit ratings and its cost of
capital; (3)competitive conditions and customer preferences; (4)foreign
currency exchange rates and fluctuations in those rates; (5)the timing and
market acceptance of new product offerings; (6)the availability and cost of
purchased components, compounds, raw materials and energy (including oil and
natural gas and their derivatives) due to shortages, increased demand or
supply interruptions (including those caused by natural and other disasters
and other events); (7)the impact of acquisitions, strategic alliances,
divestitures, and other unusual events resulting from portfolio management
actions and other evolving business strategies, and possible organizational
restructuring; (8)generating fewer productivity improvements than estimated;
(9)unanticipated problems or delays with the phased implementation of a
global enterprise resource planning (ERP) system, or security breaches and
other disruptions to the Company's information technology infrastructure; and
(10) legal proceedings, including significant developments that could occur in
the legal and regulatory proceedings described in the Company's Annual Report
on Form 10-K for the year ended December 31, 2012 and its subsequent quarterly
reports on Form 10-Q (the “Reports”). Changes in such assumptions or factors
could produce significantly different results. A further description of these
factors is located in the Reports under "Cautionary Note Concerning Factors
That May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A
(Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Report).
The information contained in this news release is as of the date indicated.
The Company assumes no obligation to update any forward-looking statements
contained in this news release as a result of new information or future events
Jacqueline Berry, 651-733-3611
Matt Ginter, 651-733-8206
Bruce Jermeland, 651-733-1807
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