FILE - In this file photo made Jan. 26, 2010, the 3M Co. logo is seen on some of their products in Philadelphia. 3M Co. annouced Tuesday, Oct. 23, 2012, that it is reducing its profit expectations for this year because of what it calls "current economic realities." 3M makes everything from Post-it notes and Scotch tape to roofing granules, coatings for LCD screens, and traffic sign coatings. The variety of its businesses and its worldwide footprint make it an economic bellwether. And CEO Inge Thulin said what it's seeing right now is a "slow-growth economy." (AP Photo/Matt Rourke, file)
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FILE - In this file photo made Jan. 26, 2010, the 3M Co. logo is seen on some of their products in Philadelphia. 3M Co. annouced Tuesday, Oct. 23, 2012, that it is reducing its profit expectations for this year because of what it calls "current economic realities." 3M makes everything from Post-it notes and Scotch tape to roofing granules, coatings for LCD screens, and traffic sign coatings. The variety of its businesses and its worldwide footprint make it an economic bellwether. And CEO Inge Thulin said what it's seeing right now is a "slow-growth economy." (AP Photo/Matt Rourke, file)
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FILE - In this Friday, Jan. 18, 2013 file photo, an All Nippon Airways' Boeing 787 "the Dreamliner" parks on the tarmac as a Japan Airlines' Boeing 767 airplane takes off at Haneda Airport in Tokyo. ANA and JAL said they replaced lithium-ion batteries in their Boeing 787 Dreamliners on multiple occasions before a battery overheating incident led to the worldwide grounding of the jets. ANA said Wednesday, Jan. 30, it replaced batteries on its 787 aircraft some 10 times because they failed to charge properly or showed other problems, and informed Boeing about the swaps. JAL said it had also replaced lithium-ion batteries on its 787 jets but couldn't immediately give details. (AP Photo/Koji Sasahara, File)
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FILE - The March 13, 2012 file photo shows a man on a scooter, exiting from a gate of Central Bank of Cyprus in Nicosia, Cyprus. When it came to helping out Greece, Ireland and Portugal, Germany grudgingly went along with its European partners and backed hundreds of billions in rescue loans. But now that tiny Cyprus is in trouble, German politicians for the first time appear in no mood to help _ which could put the Mediterranean island country on the path to bankruptcy and out of the eurozone. (AP Photo/Petros Karadjias)
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European Commission President Jose Manuel Barroso, addresses the Nobel Peace Prize media conference, at the Nobel institute in Oslo, Norway, Sunday Dec. 9, 2012. The Nobel Peace Prize Committee awarded the prize to the European Union for its efforts to promote peace and democracy in Europe, despite being in the midst of its biggest crisis since the bloc was created in the 1950s. (AP Photo/Yves Logghe)
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European Council President Herman Van Rompuy, center, European Parliament President Martin Schulz, right, and European Commission President Jose Manuel Barroso, address the Nobel Peace Prize media conference, at the Nobel institute in Oslo, Norway, Sunday Dec. 9, 2012. The Nobel Peace Prize Committee awarded the prize to the European Union for its efforts to promote peace and democracy in Europe, despite being in the midst of its biggest crisis since the bloc was created in the 1950s. (AP Photo/Yves Logghe)
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Chairman of the Norwegian Nobel Committee Torbjorn Jagland addresses the media, during the Nobel Peace Prize media conference, at the Nobel institute in Oslo, Norway, Sunday Dec. 9, 2012. The Nobel Peace Prize Committee awarded the prize to the European Union for its efforts to promote peace and democracy in Europe, despite being in the midst of its biggest crisis since the bloc was created in the 1950s. (AP Photo/Yves Logghe)
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Dockworkers arrive outside the Portuguese parliament in Lisbon Thursday, Nov. 29 2012, during a protest by several European dockworkers unions. In the parliament lawmakers were debating a new law that the worker's claim will lead to the loss of jobs. (AP Photo/Armando Franca)
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A woman begs on a street corner in Barcelona, Spain, Thursday, Nov. 29, 2012. The OECD projected this week that Spain's unemployment rate would reach 27 percent and its economy would contract by 1.4 percent —compared to the 0.5 percent predicted by the Spanish government in 2013. (AP Photo/Manu Fernandez)
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.
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