ST. PAUL, Minn.--(BUSINESS WIRE)--The Board of Directors of 3M (NYSE:MMM) today declared a dividend on the
company’s common stock of 63.5 cents per share for the first quarter of
2013, an 8 percent increase over the quarterly dividend paid in 2012.
The dividend is payable on March 12, 2013, to shareholders of record at
the close of business on February 15, 2013. This marks the company’s 55th
consecutive year of 3M dividend increases, and its 96th year
of continuous dividend payments.
The board also authorized the repurchase of up to $7.5 billion of 3M’s
outstanding common stock, replacing the company’s existing repurchase
program. The authorization has no pre-established closing date.
“These actions reflect both our confidence in 3M’s future and our
commitment to return significant cash to our shareholders,” said Inge
Thulin, 3M chairman, president and CEO.
Over the past ten years, the company has returned $32 billion to
shareholders through a combination of dividends and share repurchases,
or 89 percent of reported net income.
As of December 31, 2012, 3M had 687,091,650 common shares outstanding
and 96,719 shareholders of record.
The 3M Board of Directors also set March 15, 2013, as the record date
for the determination of stockholders entitled to notice of, and to vote
at, the Annual Meeting of Stockholders to be held on Tuesday, May 14,
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) 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, 2011, 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 or developments.
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.