ST. PAUL, MN - 3M Chairman, President and CEO George W. Buckley told more than 1,000 shareholders at the company’s annual meeting in St. Paul that 3M is navigating through these uncertain times by preserving its cash position, minimizing cost and driving revenue where opportunities exist.
“We are managing the operating and competitive fundamentals of the company not only to get through these challenging economic times, but to emerge as a better and more fit competitor,” said Buckley. “In the midst of these challenges, we are still able to generate premium returns for our shareholders.”
Buckley highlighted several accomplishments that demonstrate 3M’s continued financial strength. Accomplishments included: an increased annual quarterly dividend for the 51st consecutive year; a return of $6.6 billion in dividends and $11 billion in share buybacks to shareholders in the last five years; and a maintained premium operating margin and return on capital.
He told shareholders that in the last three years the company has done “more building than cutting.” Buckley noted the company’s ongoing investment in research and development of more than $4 billion during that timeframe.
Buckley also applauded 3M employees “for their hard work and for the outstanding job they did in the face of tremendous economic challenges.”