3M Authorizes Largest Share Repurchase in Company History

The St. Paul, Minn.-based 3M Co.'s board of directors recently approved a $7 billion two-year share repurchase authorization between February 12, 2007, and February 28, 2009.

"While our first priority remains investing for growth, returning cash to our shareholders remains an integral part of our strategy," says George W. Buckley, 3M chairman, president and chief executive officer. "The strength of our operations and our confidence in 3M's future continue to afford us the flexibility to do both."

The board also declared a quarterly dividend on 3M common stock of 48 cents per share, a 4.3-percent increase over the quarterly dividend paid in 2006. The dividend was payable March 12, 2007, to shareholders of record on February 23, 2007.