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.