The St. Paul, Minn., maker of Scotch Brite sponges said Tuesday it expects to complete an existing $2 billion repurchase plan, adopted in February, ahead of schedule. 3M said it will buy back the added stock through next February.
3M has had a tough month. Its shares have dropped 12% since a July 7 earnings warning. 3M also posted soft second-quarter numbers three weeks ago.
By the end of 2006, the company said it will have repurchased $8.5 billion of stock and paid more than $5 billion in dividends over five years.
3M rose $1.10 to $69.72.