MAPLEWOOD (dpa-AFX) - 3M Co. (MMM) said its board raised the quarterly dividend on its common stock by 8% to $1.11 per share, from the year-ago period. The dividend is payable March 12, 2016, to shareholders of record at the close of business on Feb. 12, 2016. The company also announced the board authorization for the buyback of up to $10 billion of its outstanding common stock. This authorization, which replaces an existing repurchase program, has no pre-established closing date.
'Investing in our business remains priority one, while at the same time our strong and consistent cash generation also allows 3M to return significant cash to shareholders,' said Inge G. Thulin, 3M chairman, president and chief executive officer.
3M said it has paid dividends to its shareholders without interruption for more than 99 years and has returned $46 billion to shareholders during the last 10 years, through a combination of dividends and gross share repurchases, or 110 percent of reported net income.
As of Dec. 31, 2015, 3M had 609,330,124 common shares outstanding and 84,808 shareholders of record.
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