3M Board Declares Quarterly Dividend and Authorizes Stock Contribution to Pension Plan; Company Announces Results of Shareholder Voting.
ST. PAUL, Minn. -- The Board of Directors of 3M (NYSE NYSE
See: New York Stock Exchange :MMM) today declared a dividend on the company's common stock of 51 cents per share Cents per share
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the second quarter of 2009, payable June 12, 2009, to shareholders of record at the close of business on May 22, 2009. This cash dividend is the 371st consecutive quarterly dividend paid by 3M.
As of March 31, 2009, 3M had 694,383,904 common shares outstanding and 115,905 shareholders of record.
The Board of Directors also authorized the contribution of up to $600 million in 3M common stock to the company's U.S. defined benefit pension plan. The company expects to complete these contributions in 2009.
Shareholder Voting Results
3M shareholders today elected the following ten directors to the company's Board of Directors for one-year terms expiring in 2010:
* Linda G. Alvarado President and Chief Executive Officer, Alvarado Construction, Inc.
Currently on the Board of 3M.
• • [ , president and CEO, Alvarado Construction, Inc.
* George W. Buckley George W. Buckley is the Chairman, President and Chief Executive of 3M. He was named to these positions on December 7 2005.
Buckley came to 3M from Brunswick Corporation where he served as chairman and chief executive officer since June 2000. , chairman, president and CEO, 3M
* Vance D. Coffman Retired Chairman of the Board and Chief Executive Officer, Lockheed Martin Corporation.
Currently on the Board of 3M. He is a graduate of the program for senior executives at the MIT Sloan School of Management
• , retired chairman and CEO, Lockheed Martin Corp.
* Michael L. Eskew Michael L. Eskew is the chairman and Chief Executive Officer, United Parcel Service. He is currently on the Board of 3M and IBM. Education
* W. James Farrell, retired chairman and CEO, Illinois Tool Works, Inc.
* Herbert L. Henkel, chairman, president and CEO, Ingersoll-Rand Company Ltd.
* Edward M. Liddy, chairman and CEO, American International Group, Inc.
* Robert S. Morrison, retired vice chairman, PepsiCo, Inc. and former interim chairman and CEO, 3M
* Aulana L. Peters, retired partner, Gibson, Dunn & Crutcher LLP
* Robert J. Ulrich, retired chairman and CEO, Target Corp.
Shareholders ratified the appointment of PricewaterhouseCoopers LLP as 3M's independent registered public accounting firm.
Shareholders rejected the stockholder proposals on special meetings and on the vesting of stock options and awards.
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M's core strength is applying its more than 40 distinct technology platforms - often in combination - to a wide array of customer needs. With $25 billion in sales, 3M employs 76,000 people worldwide and has operations in more than 60 countries. For more information, visit www.3M.com.