What's Going On With Post-It Maker 3M Shares Today?

Author: Shivani Kumaresan | May 03, 2024 12:10pm

3M Co (NYSE:MMM) announced an expansion of its Nebraska facility. The new 90,000-square-foot expansion at 3M’s facility in Valley, Nebraska, is expected to increase the plant’s manufacturing capacity.

The $67 million investment includes new production lines, equipment and a warehouse to help meet customer demand for 3M’s personal safety products.

The expansion of the plant is expected to create about 40 new jobs.

The expansion will create additional manufacturing capacity for 3M’s reusable respirators and PELTOR hearing protection products.

“From respiratory and hearing protection to welding safety and medical products, 3M Valley is integral to manufacturing the solutions that help protect people worldwide,” said Chris Goralski, president of 3M Safety and Industrial.

“These products help make a difference during crises like the COVID-19 pandemic, or for workers on the job across the industries we serve, and in daily life.”

In order to facilitate the expansion, 3M partnered with the state of Nebraska through the ImagiNE Nebraska Program, which provides tax incentives to encourage companies to invest in Nebraska by creating jobs and growing the state and its economy.

3M has operated its facility in Valley since 1979 and the company is celebrating 45 years in the community this year.

The company recently reported net sales of $8.00 billion, a slight decline of 0.35%Y/Y, beating the consensus of $7.63 billion with 0.8% growth in organic sales.

Adjusted EPS was $2.39 compared to $1.97 in the prior-year quarter, beating the consensus estimate of $2.10.

William “Bill” Brown has assumed the post of CEO effective May 1, and Mike Roman as the Executive Chairman.

Price Action: MMM shares are trading higher by 0.38% at $97.18 at the last check Friday.

Photo via Wikimedia Commons

Posted In: MMM