Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

3M Plans Buyback Up to $7.5 Billion as Dividend Boosted

Don't Miss Out —
Follow us on:

Feb. 5 (Bloomberg) -- 3M Co. authorized a stock buyback program of as much as $7.5 billion and increased the quarterly dividend by 7.6 percent.

The new dividend of 63.5 cents a share is payable on March 12 to shareholders of record as of Feb. 15, the St. Paul, Minnesota-based company said today in a statement. The payout had been set at 59 cents.

3M gave no end date for the stock-repurchase program, which replaces an existing $7 billion plan from 2011. Jacqueline Berry, a 3M spokeswoman, said she couldn’t say immediately how many shares had been bought back under the previous program.

“These actions reflect both our confidence in 3M’s future and our commitment to return significant cash to our shareholders,” Chief Executive Officer Inge Thulin said in the statement.

To contact the reporter on this story: Thomas Black in Dallas at tblack@bloomberg.net

To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.