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.
3M's innovative Passive Radiative Cooling Film played a important role in a record-setting solar-powered car journey across the US. The film, which reflects solar energy and radiates heat back into the sky, was applied to select spots on the vehicle 'Sunstrider', significantly cooling the driver's cockpit. The four-man team from Michigan completed the coast-to-coast route in 13 days, 15 hours and 19 minutes, setting a new record for solar vehicles.
Beyond this achievement, 3M is exploring applications for the film in various settings, including warehouses, data centers, and public spaces. Researchers at Arizona State University are partnering with Phoenix to validate the film's impact on cooling public areas. The technology has also shown promise in reducing refrigeration costs when applied to a Minneapolis grocery store roof.
3M celebrates the 10-year anniversary of its 3M Xtract™ Cubitron™ II Film Disc 775L, hailed as the best sanding disc ever made by the company. This innovative product has revolutionized metalworking applications with its exceptional performance and durability. The disc features advanced technology, including 3M Precision-Shaped Grain, which delivers industry-leading cut rates and allows for virtually dust-free sanding.
Designed for maximum productivity and longevity, the 775L has consistently outperformed competitors and become the preferred choice for professionals worldwide. Its unique blend of cutting-edge technology and precision engineering ensures superior results with minimal effort. As 3M marks this milestone, they acknowledge the disc's impact on sanding productivity levels and express gratitude to customers and partners who have made it their go-to solution for a decade.
3M has announced a significant milestone: the production and sale of over 300 million Friction Shims worldwide. These small, thin steel shims with embedded diamond particles are designed to increase friction coefficients in torsional and static joints, particularly in demanding applications such as automotive, wind energy, and aerospace. The shims can increase maximum load and peak torque in bolted connections without additional fasteners or redesigns.
3M Friction Shims are especially valuable in the electric vehicle market, where heavy lithium-ion battery packs and higher torque put increased strain on critical chassis and battery mount joints. The shims can achieve a coefficient of static friction up to five times greater than conventional bolted connections, allowing for lightweight, compact designs and optimized multi-material structures.
3M (NYSE: MMM) has announced an upcoming investor event. Bill Brown, the company's Chief Executive Officer, is scheduled to speak at the Morgan Stanley 12th Annual Laguna Conference on Thursday, September 12, 2024, at 7:00 a.m. PT.
The event will be webcast live, and a replay will be available on 3M's Investor Relations website at http://investors.3M.com. This presentation provides an opportunity for investors and analysts to gain insights into 3M's current strategies and future prospects directly from the CEO.
3M emphasizes the importance of green jobs as Earth Overshoot Day falls on August 1, 2024. With natural resources dwindling, 3M's Chief Sustainability Officer, Gayle Schueller, highlights the critical role of green jobs in addressing climate change. The company promotes sustainability through:
1. Encouraging every employee to view their job as a green job
2. Advancing decarbonization, energy efficiency, and sustainable infrastructure
3. Promoting digitalization and sustainable manufacturing
4. Engaging communities to spread awareness about green skills
3M's initiatives aim to combat global uncertainty around STEM career paths and inspire action towards a more sustainable future. The company leverages its position as a global materials science leader to promote opportunities in STEM and skilled trades.
Heman Bekele, winner of 3M's Young Scientist Challenge in 2023, has been named TIME's 2024 Kid of the Year. Heman invented a soap that could potentially treat and prevent skin cancer, the most common cancer in the United States with an annual treatment cost of $8.1 billion. His invention aims to provide an affordable solution to this widespread health issue.
Heman's mentor, 3M engineer Deboarh Isabelle, praised his intelligence, compassion, and potential to make a positive impact. This marks the second time a 3M Young Scientist Challenge winner has received this honor, following Gitanjali Rao in 2020.
The 2024 3M Young Scientist Challenge finalists have been announced, with the competition's final event scheduled for October 14-15, 2024, at the 3M Innovation Center in St. Paul, Minnesota. The winner will receive a $25,000 grand prize and the title of "America's Top Young Scientist."
3M (NYSE:MMM) has announced a quarterly dividend of $0.70 per share for the third quarter of 2024. The dividend will be payable on September 12, 2024, to shareholders of record as of August 26, 2024. This declaration continues 3M's impressive track record of paying dividends without interruption for over 100 years. As of June 30, 2024, the company reported 549,353,621 outstanding common shares and 58,536 shareholders of record. This consistent dividend payout demonstrates 3M's commitment to delivering value to its shareholders and reflects the company's financial stability.
The Everest Marathon, known as the world's highest marathon, took place on May 29, 2024, commemorating the historic 1953 ascent of Mt. Everest. 3M, as a sponsor, provided runners with essential gear featuring their innovative technologies:
1. Padded jackets and sleeping bags with 3M™ Thinsulate™ technology
2. Race T-shirts with 3M™ Scotchgard™ technology
3. Outdoor jackets with 3M Scotchgard water repellent technology
These advanced materials helped athletes stay dry and comfortable during the challenging 26.2-mile (42.6 km) race, which began at Mt. Everest Base Camp (17,598 feet/5,364 meters) and descended to Namche Bazaar (11,286 feet/3,440 meters). The winner, Arjun Rai Kulung, completed the marathon in 3 hours, 52 minutes, and 2 seconds.
3M (NYSE:MMM) has appointed Anurag Maheshwari as its new Executive Vice President and Chief Financial Officer (CFO), effective September 1, 2024. Maheshwari joins from Otis Worldwide , where he served as CFO since July 2022. He brings extensive experience in financial and business functions, including strategic planning, operations, and investor relations.
Prior to Otis, Maheshwari held leadership roles at Harris and L3Harris. He holds a master's degree in finance from the Asian Institute of Management. 3M CEO Bill Brown expressed confidence in Maheshwari's ability to drive profitable growth and operational excellence. In the interim, Teri Reinseth, currently Senior VP, Corporate Controller and Chief Accounting Officer, will serve as Interim CFO from August 1, 2024.
At the recent 3M Open charity tournament, two-year-old Cameron Olson stole the show on the 18th green. Cameron, who relies on an oxygen tank due to a rare respiratory condition called Children's Interstitial Lung Disease (chILD), specifically Neuroendocrine Cell Hyperplasia of Infancy (NEHI), demonstrated resilience and joy while putting.
Cameron's parents, Kelsey and Dexter Olson, faced numerous challenges during his diagnosis and treatment. In response, they launched the CamO Fund to support families affected by chILD and raise awareness. The 3M Open Charity Challenge raised over $100,000 for the University of Minnesota Foundation, providing a platform for the CamO Fund.
Kelsey, whose father is a long-time 3M employee, expressed gratitude for the company's support and the community's involvement. The event showcased how the 3M Open extends beyond golf, embodying the spirit of 'Golf That Matters'.
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