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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.
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.
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