3M boosts dividend, adds to share buyback pool

MAPLEWOOD, Minn. (AP) -- 3M Co., which makes Scotch tape, building supplies and other items, is increasing its dividend 8 percent and will add more money to a fund for share repurchases.

The new dividend, payable in March, will be 63.5 cents, up from 59 cents.

3M also said Tuesday that it will boost its share repurchase program to $7.5 billion, replacing an old pool that had $7 billion. That program had $3.2 billion that had not been used as of the end of September, according to an earlier 3M regulatory filing.

Buybacks can return profits to shareholders, giving them a bigger slice of the shares that remain. They also offset the effect of using shares to compensate employees.

Shares of the St. Paul, Minn., company rose 1.5 percent to $102.99 in aftermarket trading.