Feb. 4 (Bloomberg) -- 3M Co., the manufacturer whose products range from electronics to dental braces, authorized a $12 billion stock buyback, and the shares jumped in late trading.
The plan replaces the current program and has no end date, St. Paul, Minnesota-based 3M said today in a statement. The company didn’t specify how much stock-repurchase authority was left on a $7.5 billion buyback announced in February 2013.
3M’s move built on a 35 percent dividend increase announced in December, when the company said it would spend as much as $10 billion on acquisitions through 2017 and repurchase as much as $22 billion of shares.
“Today’s announcement reflects our continued confidence in 3M’s future,” Chief Executive Officer Inge Thulin said in the statement. “Our plan allows us to increase investments in the business and reinforces our commitment of returning significant cash to shareholders.”
3M rose 2.4 percent to $129.70 at 6:35 p.m. in New York in extended trading, adding to a 2.3 percent advance during the regular session. The shares rose 26 percent in the past 12 months.
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