3M Corp Stock Price, News & Analysis

The 2024 3M Young Scientist Challenge has announced its top 10 finalists, including middle school students aged 13-15 from across the U.S. These students identified community or global problems and proposed scientific solutions via short videos. The finalists will compete for a $25,000 grand prize, mentorship with a 3M scientist, and the title 'America's Top Young Scientist.'

Finals will occur from October 14-15, 2024, at the 3M Innovation Center in St. Paul, Minnesota. The challenge included new categories such as robotics, home improvement, automotive, safety, AR/VR, and climate technology. Judges from 3M and educational leaders assessed the entries based on creativity, scientific knowledge, and communication skills.

Now in its 17th year, the challenge continues to inspire and recognize young scientific talent, with past winners achieving significant accolades and contributing to various scientific and societal advancements.

On June 26, 2024, 3M and Discovery Education announced the winners of the 2024 3M Young Scientist Challenge. Recognized were 26 state merit winners and four honorable mentions for their innovative scientific projects aimed at solving everyday problems. Middle school students in grades 5-8 participated by submitting one-to-two-minute videos showcasing their creative ideas, evaluated on creativity, scientific knowledge, and communication skills. Winning projects covered topics like robotics, home improvement, automotive, safety, AR/VR, and climate technology. The challenge, now in its 17th year, aims to inspire young minds to use STEM for real-world solutions. State merit winners and honorable mentions receive recognition and prizes, with past participants achieving notable accomplishments such as giving TED Talks and filing patents.

3M (NYSE: MMM) has purchased a group annuity contract to transfer approximately $2.5 billion of its U.S. pension payment obligations under the 3M Employee Retirement Income Plan (ERIP) to Metropolitan Tower Life Insurance Company. This transfer will cover about 23,000 U.S. retirees and beneficiaries, representing around 60% of ERIP participants. No additional funding contribution was required as the transaction used assets from 3M's ERIP trust. The transition will be effective from October 1, 2024, and will not alter the monthly benefit payments for the retirees and beneficiaries involved. 3M will recognize an estimated non-cash pre-tax non-operating pension settlement charge between $0.8 and $0.9 billion in Q2 2024, which will be excluded from its non-GAAP results.

3M is enhancing its commitment to climate innovation through advanced materials science to drive decarbonization, energy efficiency, and resilient infrastructure. Collaborating with Svante, 3M is developing Sorbent-on-a-Roll (SOAR), a reusable sorbent filtration material to capture CO2 from the atmosphere. Additionally, 3M's partnership with Voltiris aims to transform greenhouses into energy-independent entities using thin films to harness optimal light for plant growth and solar energy production. 3M is also supporting the hydrogen economy with nanostructured catalysts and investments in hydrogen production technologies, aiming to reduce hydrogen production costs by 80% and fuel an industry projected to reach $2.5 trillion by 2050.

3M has announced a significant partnership with Direct Relief, pledging to donate 5 million N95 respirators to meet the entire forecasted annual need. This initiative is aimed at bolstering emergency preparedness and response efforts ahead of the 2024 hurricane and wildfire season. The N95 respirators, approved by NIOSH, will help protect individuals in disaster-stricken areas and feature prominently within Direct Relief's strategic emergency stockpile.

This collaboration builds on a 20-year relationship and previous contributions from 3M, which has donated nearly 10 million N95 respirators since 2016. The initiative underscores 3M's commitment to humanitarian relief and community support during disasters and crises, ensuring critical protective equipment reaches those in need.

3M has been named the Official Respiratory Protection Sponsor for Direct Relief, pledging 5 million N95 respirators to meet Direct Relief's annual needs ahead of the 2024 hurricane and wildfire season.

This initiative aims to boost emergency preparedness and response efforts globally, providing essential protection during disasters.

3M's N95 respirators, approved by NIOSH, will be pre-stocked in strategic locations to expedite relief operations. The partnership builds on a 20-year relationship, enhancing 3M's commitment to humanitarian relief.

Since 2016, 3M has donated nearly 10 million N95 respirators to Direct Relief for use in over 80 countries.

3M (NYSE: MMM) will participate in the 2024 Wells Fargo Industrials Conference on June 11, 2024.

Monish Patolawala, President and CFO, will speak at 7:15 a.m. CT.

The event will be webcast live and a replay will be available on 3M's Investor Relations website.

On Dec. 10, 2023, Dr. Moungi Bawendi received the Nobel Prize in Chemistry for his work on quantum dots, alongside Professors Louis E. Brus and Dr. Aleksey Yekimov. Among those he acknowledged in his speech were two 3M employees, Manoj Nirmal and Catherine Leatherdale, who contributed to his research. Manoj, a product developer, and Catherine, a lead data scientist, shared their experiences working with Dr. Bawendi at MIT. Their collaborative efforts led to significant advancements in quantum dot synthesis, which now has applications in biomedicine, solar panels, and high-end TVs. Quantum dots have enabled a multi-billion-dollar industry, demonstrating the profound impact of their research.

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.