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Home Industry News 3M raises common stock dividend

3M raises common stock dividend

11th February 2009

3M’s board of directors has increased the dividend on the company’s common stock.

Now standing at $0.51 (0.35 pounds) per share for the first quarter of 2009, the figure is a two per cent rise on the amount paid in 2008.

This will be the 370th consecutive quarterly dividend and the 51st consecutive time it has grown.

George Buckley, 3M’s chairman, president and chief executive officer, said the increase shows the organisation’s confidence in its fundamentals, along with its ability to provide solid returns to shareholders.

He added: “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.”

The amount is payable on March 12th to shareholders following the close of business on February 20th.

Operating in more than 60 countries, 3M has over 35 business units.

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