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News
3M buying back shares
November 15, 2000: 6:15 p.m. ET

Will buy back 10 million shares in 2001 on top of this year's 12 million shares
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NEW YORK (CNNfn) - The board of diversified manufacturer Minnesota Mining and Manufacturing Co. authorized the repurchase of up to 10 million shares next year.

The company, better-known as 3M, said the shares would be used to support employee stock purchase plans and for other corporate purposes, including acquisitions.

graphicThe St. Paul, Minn., maker of everything from Scotch tape and Post-it notes to a range of industrial products never seen by consumers recently completed its 2000 share repurchase program, buying back 12 million shares. It has 394 million shares outstanding, so the additional share repurchase could lower shares outstanding by about 2.5 percent.

Shares of 3M (MMM: Research, Estimates), a component of the Dow Jones industrial average, gained 38 cents to $95.38 in regular-hours trading Wednesday, ahead of the announcement. graphic

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