3M board approves $12 billion stock repurchasing

Feb. 11, 2014 at 5:23 PM

ST. PAUL, Minn., Feb. 11 (UPI) -- U.S. home product giant 3M said Tuesday its board of directors had approved a $12 billion common stock repurchasing.

The move, which generally raises the return on remaining stock, has no pre-established closing date the company said.

In mid-December 2013, the company said dividend meted out In the first quarter of 2014 would come out to 85.5 cents per share, a 35 percent increase over the quarterly dividend from the first quarter of 2013.

3M said it was the 56th consecutive year of dividend increases. Beyond that, the company has paid a dividend to shareholders in each of the past 97 years, the company said.

In the past 10 years, the company has returned $37 billion to shareholders or 97 percent of 3M's reported net income.

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