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.
David and Marta Hall, former executives and major stakeholders of Velodyne Lidar (NASDAQ: VLDR), issued an open letter urging the removal of Chairman Michael Dee and nominating three new board candidates. They criticized Dee for breaching fiduciary duties, manipulating director classes to evade re-election, and overseeing a 90% stock price drop. They highlighted dismal financial performance, including a $212 million net loss in 2021 and a 35% year-over-year revenue decline. The Halls aim to realign the board towards stockholder interests and foster innovation.
On March 8, 2022, 3M (NYSE: MMM) announced two upcoming investor events. The J.P. Morgan 2022 Industrials Conference will take place on March 15, 2022, with Monish Patolawala speaking at 3:00 p.m. EDT. The Bank of America Global Industrials Conference 2022 is scheduled for March 17, 2022, where Patolawala will present at 1:20 p.m. EDT. Both events will be available via live webcast and later on 3M's Investor Relations website.
3M (NYSE: MMM) has completed the sale of its floor products business in Western Europe, previously known as Dinac, to Gerflor Group. The transaction is part of 3M's strategic portfolio management, focusing on prioritizing high-value sectors. The sold business generated annual sales of approximately 25 million euros in 2021 and will have a negligible impact on 3M's financial results. About 100 employees from 3M transitioned to Gerflor as part of this deal, which included manufacturing operations located in La Mure, France.
3M has launched 3M Futures, a platform to explore five key global trends in science and technology shaping the future. Key topics include Augmented Reality, Artificial Intelligence, Sustainable Materials, Pandemic Awareness, and Equity in Science. The initiative features insights from a global survey conducted in 11 countries, highlighting priorities such as public health and sustainability. The platform aims to facilitate ongoing discussions and showcase innovations as 3M continues to impact the future through science and technology.
3M (NYSE: MMM) has announced two upcoming investor events in February 2022. The Citi 2022 Global Industrial Tech and Mobility Conference will take place on February 22, 2022, at 11:20 a.m. EST, featuring CEO Mike Roman and CFO Monish Patolawala. The Barclays Industrial Select Conference is scheduled for February 23, 2022, at 1:15 p.m. EST, with the same executives. Both events will be webcast live, and replays will be available on 3M's Investor Relations website.
On February 14, 2022, 3M announced its 2022 financial outlook, projecting total sales growth of 1% to 4%, including organic growth of 2% to 5%. The company expects earnings per share between $10.15 and $10.65, despite a predicted 2 percentage point decline in organic growth due to reduced demand for COVID-19-related respirators. 3M emphasized its commitment to innovation, sustainability, and a $1 billion investment over 20 years to achieve carbon neutrality. Notable investments include $165 million for water quality improvements at its Cottage Grove facility.
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3M (NYSE: MMM) announced the election of Suzan Kereere to its Board of Directors, effective February 10, 2022. This decision expanded the Board's size from 12 to 13 members. Kereere brings over 20 years of global business leadership experience, previously serving as Head of Global Business Solutions at Fiserv and holding roles at Visa and American Express. Her background includes significant achievements in driving growth and advocating for diversity and inclusion. 3M's chairman, Mike Roman, expressed confidence in Kereere's ability to offer valuable insights and leadership.
The 3M Board of Directors has declared a quarterly dividend of $1.49 per share for Q1 2022, payable on March 12, 2022, to shareholders of record on February 18, 2022. 3M has maintained uninterrupted dividend payments for over 100 years and has returned over $14 billion to shareholders in the past three years. This dividend declaration marks the 64th consecutive year of dividend increases, showcasing the company's commitment to returning value to its shareholders.
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