ST. PAUL, Minn.--(BUSINESS WIRE)--The 3M Board of Directors (NYSE:MMM) today declared a dividend on the company’s common stock of $1.36 per share for the fourth quarter of 2018. The dividend is payable Dec. 12, 2018, to shareholders of record at the close of business on Nov. 23, 2018.
The board also authorized the repurchase of up to $10 billion of 3M’s outstanding common stock, replacing the company’s existing repurchase program. The authorization has no pre-established closing date.
“The strength of 3M’s business model – which includes strong cash generation – enables us to consistently deploy capital in a way that creates the greatest value for our customers and shareholders,” said Mike Roman, 3M chief executive officer. “Our first priority remains investing in our business, and we will also continue to return significant cash to our shareholders.”
3M has paid dividends to its shareholders without interruption for more than 100 years. Earlier this year, 3M marked 60 consecutive years of dividend increases.
As of Sept. 30, 2018, 3M had 582,287,135 common shares outstanding and 76,693 shareholders of record.
At 3M, we apply science in collaborative ways to improve lives daily. With $32 billion in sales, our 91,000 employees connect with customers all around the world. Learn more about 3M’s creative solutions to the world’s problems at www.3M.com or on Twitter @3M or @3MNews.