ST.
PAUL, Minn., Feb. 6, 2024
/PRNewswire/ -- The 3M Board of
Directors (NYSE:MMM) today declared a dividend on the company's
common stock of $1.51 per share for the first quarter of
2024. The dividend is payable March 12, 2024, to shareholders
of record at the close of business on Feb. 16, 2024.
3M has paid dividends to its shareholders without
interruption for more than 100 years driven by its resilient
business model. The first quarter dividend reflects the company's
continued strong cash flow generation in 2023.
The company continues to make good progress on the spin-off of
its Health Care business. The transaction is expected to be
completed by the first half of 2024 and is subject to satisfaction
of customary conditions, including final approval from the
3M Board of Directors and receipt of
regulatory approvals. The completion of the spin will enable the
creation of two world-class public companies well positioned to
pursue their respective growth plans, tailor capital allocation
strategies, and create long-term value for shareholders.
As of Dec. 31, 2023, 3M had 552,581,136 common
shares outstanding and 59,969 shareholders of record.
Forward-Looking Statements
This news release contains forward-looking information about
3M's financial results and estimates and business prospects that
involve substantial risks and uncertainties. You can identify these
statements by the use of words such as "plan," "expect," "aim,"
"believe," "project," "target," "anticipate," "intend," "estimate,"
"will," "should," "could," "would," "forecast" and other words and
terms of similar meaning in connection with any discussion of
future operating or financial performance or business plans or
prospects. Among the factors that could cause actual results to
differ materially are the following: (1) worldwide economic,
political, regulatory, international trade, geopolitical, capital
markets and other external conditions and other factors beyond the
Company's control, including inflation, recession, military
conflicts, natural and other disasters or climate change affecting
the operations of the Company or its customers and suppliers; (2)
foreign currency exchange rates and fluctuations in those rates;
(3) risks related to certain fluorochemicals, including liabilities
related to claims, lawsuits, and government regulatory proceedings
concerning various PFAS-related products and chemistries, as well
as risks related to the Company's plans to exit PFAS manufacturing
and discontinue use of PFAS across its product portfolio; (4) risks
related to the proposed class-action settlement to resolve claims
by public water systems in the United
States regarding PFAS; (5) legal proceedings, including
significant developments that could occur in the legal and
regulatory proceedings described in the Company's Annual Report on
Form 10-K for the year ended Dec. 31,
2022 and any subsequent quarterly reports on Form 10-Q (the
"Reports"); (6) competitive conditions and customer preferences;
(7) the timing and market acceptance of new product and service
offerings; (8) the availability and cost of purchased components,
compounds, raw materials and energy due to shortages, increased
demand and wages, supply chain interruptions, or natural or other
disasters; (9) unanticipated problems or delays with the phased
implementation of a global enterprise resource planning (ERP)
system, or security breaches and other disruptions to the Company's
information technology infrastructure; (10) the impact of
acquisitions, strategic alliances, divestitures, and other
strategic events resulting from portfolio management actions and
other evolving business strategies; (11) operational execution,
including the extent to which the Company can realize the benefits
of planned productivity improvements, as well as the impact of
organizational restructuring activities; (12) financial market
risks that may affect the Company's funding obligations under
defined benefit pension and postretirement plans; (13) the
Company's credit ratings and its cost of capital; (14) tax-related
external conditions, including changes in tax rates, laws or
regulations; (15) matters relating to the proposed spin-off of the
Company's Health Care business, including whether the transaction
will be completed, or if completed, will be on the expected terms;
the risk that the expected benefits will not be realized; the risk
that the costs or dis-synergies will exceed the anticipated
amounts; the ability to satisfy the various closing conditions;
potential business disruption; the diversion of management time;
the impact of the transaction (or its pendency) on the Company's
ability to retain talent; potential impacts on the Company's
relationships with its customers, suppliers, employees, regulators
and other counterparties; the ability to realize the desired tax
treatment (including whether an Internal Revenue Service private
letter ruling will be sought or obtained); the risk that any
consents or approvals required will not be obtained; risks
associated with financings that may be undertaken and indebtedness
that may be incurred in connection with the transaction; and (16)
matters relating to Combat Arms Earplugs ("CAE"), including those
relating to, the August 2023
settlement that is intended to resolve, to the fullest extent
possible, all litigation and alleged claims involving
the CAE sold or manufactured by the Company's subsidiary Aearo
Technologies and certain of its affiliates and/or 3M. Changes in such assumptions or factors could
produce significantly different results. A further description of
these factors is located in the Reports under "Cautionary Note
Concerning Factors That May Affect Future Results" and "Risk
Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I,
Item 2 and Part II, Item 1A (Quarterly Reports). The Company
assumes no obligation to update any forward-looking statements
discussed herein as a result of new information or future events or
developments.
About 3M
3M (NYSE: MMM) believes science helps create a brighter
world for everyone. By unlocking the power of people, ideas and
science to reimagine what's possible, our global team uniquely
addresses the opportunities and challenges of our
customers, communities, and planet. Learn how we're working to
improve lives and make what's next at 3M.com/news.
Investor Contact:
Bruce Jermeland
651-733-1807
or
Diane Farrow
612-202-2449
or
Eric Herron
651-233-0043
Media Contact:
Sean Lynch
slynch2@mmm.com
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SOURCE 3M Company