3M Co. to buy back shares worth USD 1 Billion

3M Co. has said in a statement that their board has now approved the buyback of an additional $1 billion in stock.

The company is popularly known for products like the Scotch tape, Post-It notes and Thinsulate insulation.

3M would use the shares to support its employee stock-based compensation plans and for other corporate purposes.

3M Chief Executive George Buckley said in a statement on this new announcement: “Our superior return on capital, strong balance sheet and global business portfolio make 3M an attractive investment.”

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