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[February 2009]
3M Increases Dividend for 51st Straight Year
The Board of Directors of 3M (St Paul, MN, USA) 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 12 March 2009 to shareholders of record at the close of business on 20 February 2009. This marks the company’s 370th consecutive quarterly dividend and the 51st consecutive year of 3M dividend increases.
“By increasing our dividend during this period, we are clearly communicating our confidence in the fundamentals of our company and in 3M’s ability to continue providing solid returns to our shareholders,” said George Buckley, 3M Chairman, President and CEO. “At the same time, in this challenging environment it’s prudent to take a conservative approach to 3M’s dividend increase as a way to bolster liquidity and to maintain a strong cash position.”
Over the past five years, the company has returned US$17.6 billion to shareholders through dividends and share repurchases.
3M’s Board also approved an extension to the company’s US$7 billion share repurchase authorisation, which is set to expire this month. The extension, which has no designated close date, will expire once the balance of US$2.6 billion (as of 31/12/08) is invested in 3M shares.
With US$25 billion in sales, 3M employs 79,000 people worldwide and has operations in more than 60 countries.
ENDS