Welcome to our dedicated page for 3M Company news (Ticker: MMM), a resource for investors and traders seeking the latest updates and insights on 3M Company stock.
3M Company (NYSE: MMM), originally known as Minnesota Mining and Manufacturing, is a global conglomerate that has been a pivotal innovator since its inception in 1902. The company excels in leveraging science and technology to create a diverse range of products that impact various sectors. As of the second quarter of 2024, 3M is structured into three core business segments: Safety and Industrial, Transportation and Electronics, and Consumer. With nearly 50% of its revenue generated outside the Americas, 3M's Safety and Industrial segment leads in net sales.
3M is renowned for its robust research and development capabilities, which have led to significant innovations across multiple industries. Its portfolio includes tens of thousands of products such as adhesives, abrasives, laminates, and healthcare solutions, touching numerous consumer and end markets. The company’s recent achievements include the successful spin-off of its healthcare division into a new entity, Solventum, which began trading on the New York Stock Exchange under the ticker symbol 'SOLV' in April 2024. This strategic move is aimed at enhancing both companies' focus on their core businesses and long-term growth strategies.
Financially, 3M has shown resilience with improved operational performance and double-digit adjusted earnings growth in the first quarter of 2024. The company also completed major legal settlements, including a $10.3 billion agreement with U.S. public water suppliers and a $6.0 billion settlement for Combat Arms Earplugs litigation.
In addition to its financial and strategic developments, 3M continues to invest in expanding its manufacturing capabilities. A notable example is the recent $67 million expansion of its Valley, Nebraska, facility, which is expected to create about 40 new jobs and increase production capacity for personal safety products.
3M’s commitment to innovation and safety is also evident in its efforts to combat counterfeit personal protective equipment (PPE). The company launched the 3M™ Verify app to help ensure the authenticity of its disposable respirators, thereby safeguarding workers' health and safety.
As a company that believes in the power of science to create a brighter world, 3M is dedicated to addressing global challenges and improving lives through its innovative solutions.
On February 15, 2023, 3M was identified as a primary stakeholder by the U.S. Department of Transportation (DOT) in the National Roadway Safety Strategy (NRSS), aiming to reduce traffic fatalities significantly. 3M brings over 80 years of traffic safety expertise and has pledged funding towards transportation equity initiatives. The collaboration responds to alarming statistics indicating nearly 43,000 traffic-related deaths in 2021, the highest in 16 years. 3M is committed to improving safety in school zones globally and has previously pledged $50 million to address social justice and equity gaps.
3M has launched a new medical adhesive, 3M Medical Tape 4578, offering a wear time of up to 28 days, doubling the previous standard of 14 days. This innovation aims to enhance the use of health monitors and long-term medical wearables, potentially lowering costs and improving patient care. The adhesive features liner-free stability and can be stored for up to a year, allowing device manufacturers greater design flexibility. With over 55 years of expertise in skin adhesion science, this product expands 3M's extensive medical adhesive portfolio.
3M (NYSE: MMM) will participate in Citi's 2023 Global Industrial Tech and Mobility Conference on February 22, 2023. The event, featuring CEO Mike Roman and CFO Monish Patolawala, will start at 1:50 p.m. EST. This conference will be accessible via a live webcast, with a replay available later on 3M's Investor Relations website. This opportunity allows investors to gain insights into 3M's strategies and market outlook. For more details, visit 3M's Investor Relations page.
3M released insights for drivers facing auto collision damage in winter 2023, detailing the impact of challenging weather conditions on repair processes. Key highlights include potential delays in repairs due to supply chain disruptions and a shortage of skilled technicians. Repair appointments may be prioritized based on vehicle condition, and completion might occur over multiple sessions. The average cost of auto repairs has doubled in five years, reflecting rising operational expenses in the industry. Customers are advised to check insurance policies for rental car coverage and seek certified repair shops to ensure proper handling of complex safety systems.
3M (NYSE: MMM) has announced the election of Anne H. Chow and Pedro J. Pizarro to its Board of Directors, effective February 9, 2023. This decision increases the board's size from 11 to 13 members. Chow, former CEO of AT&T Business, brings over three decades of experience in technology and business, while Pizarro has led Edison International since 2016. Their appointments are expected to enhance 3M’s leadership with insights from their extensive backgrounds in global organization transformation and strategic management. 3M aims to leverage this knowledge to strengthen its market position.
The 3M Board of Directors has declared a quarterly dividend of $1.50 per share for Q1 2023. Shareholders of record as of February 17, 2023 will receive this payment on March 12, 2023. 3M has a historic track record of over 100 years of uninterrupted dividend payments. As of December 31, 2022, the company reported 549,245,105 common shares outstanding and 62,801 shareholders of record.
3M has introduced a new medical adhesive, 3M™ Medical Tape 4578, capable of adhering for up to 28 days, effectively doubling the previous standard of 14 days. This advancement aims to enhance patient care by lowering costs, reducing patient disruption, and accumulating more data for healthcare decisions. The adhesive is designed for various medical devices, including glucose and heart monitors, and offers liner-free stability with a storage life of up to one year. With over 55 years of skin adhesion science, this product strengthens 3M's position in the medical adhesive market.
On Feb. 3, 2023, plaintiffs in the Combat Arms Earplugs Version 2 (CAEv2) litigation filed a motion to dismiss Aearo's bankruptcy with the U.S. Bankruptcy Court. Aearo and 3M aim to mediate a resolution with all involved parties while preparing their written response to the motion. The bankruptcy court has affirmed Aearo's legitimacy, indicating it has appropriate liabilities under the Bankruptcy Code. If the motion is granted, it may complicate the ongoing litigation process. Oral arguments regarding initial bellwether trials are scheduled for the week of May 1, 2023, which could significantly impact the case's trajectory.
3M has launched a docuseries titled "Skilled", aimed at promoting careers in the skilled trades and addressing existing misconceptions. The series, featuring fall protection sales specialist Andrea Martin, debuted on January 22 at the 2023 Sundance Film Festival. 3M plans to amplify this initiative by creating five million unique STEM and skilled trades learning experiences for underrepresented individuals by 2025. The docuseries will also reach 30,000 students through partnerships with Teach for America. This effort aligns with 3M's broader goals of advancing economic equity and increasing workforce representation.
FAQ
What is the current stock price of 3M Company (MMM)?
What is the market cap of 3M Company (MMM)?
What are the core business segments of 3M?
What recent strategic changes has 3M made?
How did 3M perform financially in the first quarter of 2024?
What legal settlements has 3M recently completed?
What is the focus of 3M’s Safety and Industrial segment?
How is 3M combating counterfeit PPE products?
What investment has 3M made in its Valley, Nebraska facility?
What percentage of 3M’s revenue comes from outside the Americas?
What are some of the products developed by 3M?
What is 3M's commitment to innovation?
