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3M has inaugurated a 90,000-square-foot expansion at its Valley, Nebraska facility, following a $67 million investment. This expansion aims to increase manufacturing capacity and add approximately 40 new jobs. The new space includes production lines, equipment, and a warehouse to better meet customer demand for personal safety products. This development coincides with 3M's 45th anniversary in Valley. Collaborative efforts with the state of Nebraska through the ImagiNE Nebraska Program played a key role. The facility will focus on producing reusable respirators and PELTOR™ hearing protection products. Community leaders, including Governor Jim Pillen and Senator Pete Ricketts, highlighted 3M's contributions during the COVID-19 pandemic and its ongoing community support. A recent $10,000 donation from 3M to Omaha Disaster Relief further exemplifies the company's community involvement.
The 3M Board of Directors declared a quarterly dividend of $0.70 per share for Q2 2024.
The dividend is payable on June 12, 2024, to shareholders of record as of May 24, 2024.
3M has a long history of uninterrupted dividend payments for over 100 years.
As of March 31, 2024, 3M had 553,361,257 common shares outstanding and 59,380 shareholders of record.
3M held its Annual Meeting of Shareholders on May 14, 2024, highlighting its strategic priorities and progress in execution. The company has taken significant steps to improve performance and operational execution, which have positively impacted its results. Bill Brown has been named the new CEO, succeeding Mike Roman. During the meeting, shareholders elected 12 directors, ratified the appointment of PricewaterhouseCoopers as the independent auditor for 2024, but did not approve the executive compensation proposal or a shareholder proposal on enhanced share ownership policy. The board plans to engage with shareholders to align executive compensation with their interests.
3M (NYSE: MMM) has announced an investor event in partnership with Montrose Environmental Group, Inc. The event will focus on removing PFAS compounds from water sources at 3M's chemical manufacturing sites in the U.S. The event will take place on May 15, 2024, at Bank of America's conference. John Banovetz and executives from Montrose will lead a panel discussion on advancing technology for a cleaner future.
3M is expanding its facility in Valley, Nebraska with a $67 million investment to create about 40 new jobs. The expansion includes a 90,000-square-foot facility with new production lines, equipment, and a warehouse to meet customer demand for personal safety products. With a focus on creating manufacturing capacity for reusable respirators and hearing protection products, 3M's investment in Valley will support its global operations and contribute to the community's economic growth.
3M reported strong first-quarter results with sales of $8.0 billion, down 0.3% YoY, and adjusted sales of $7.7 billion, reflecting organic growth of approximately 1% YoY. GAAP earnings per share were $1.67, down 5% YoY, while adjusted earnings were $2.39, up double digits YoY. The company completed the spin of Solventum, finalized legal settlements, and named a new CEO. 3M initiated guidance for 2024, reflecting Solventum as a discontinued operation.
