3M (MMM) Increases Quarterly Dividend and Extends Stock Buyback Plan

February 11, 2009 8:02 AM EST
The Board of Directors of 3M (NYSE: MMM) declared a dividend on the company's common stock of 51 cents per share for the first quarter 2009, a 2% increase over the quarterly dividend paid in 2008. The dividend is payable on March 12, 2009, to shareholders of record at the close of business on February 20, 2009.

3M's Board also approved an extension to the company's $7 billion share repurchase authorization, which is set to expire this month. The extension, which has no designated close date, will expire once the balance of $2.6 billion (as of 12/31/08) is invested in 3M shares. With the company's current emphasis on maintaining ample liquidity and enhancing balance sheet strength, share repurchase activity has been suspended. However, extension of the program will provide flexibility to resume repurchase activity when business conditions permit.

3M Company (3M) is a diversified technology company with a presence in various businesses, including industrial and transportation, healthcare, display and graphics, consumer and office, safety, security and protection services, and electro and communications. [SM]

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