3M Increases Dividend by 5%; Authorizes $7B Share Repurchase Program

The Board of Directors of 3M MMM today declared a dividend on the company's common stock of 55 cents per share for the first quarter of 2011, a 5 percent increase over the quarterly dividend paid in 2010. The dividend is payable on March 12, 2011, to shareholders of record at the close of business on February 18, 2011. The board also authorized the repurchase of up to $7 billion of 3M's outstanding common stock, replacing the company's existing repurchase program. The authorization has no pre-established closing date.