Industrial conglomerate 3M (MMM) will raise its quarterly dividend by 34.6 percent from $0.635 to $0.855 per share next year. 3M also announced that it will repurchase its own shares for a total amount of $17 to $22 billion between 2013 and 2017. It's the biggest buyback announcement in the United States this year.

The next dividend is payable March 12, 2014, to shareholders of record at the close of business on February 14, 2014. The ex-date for this increased dividend is February 12, 2014. The yield on the new annual dividend for 3M is 2.7%.

3M Company is a technology company which operates in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets.  The company's business segments are Industrial; Safety and Graphics; Health Care; Electronics and Energy; and Consumer. 3M's products include adhesives, abrasives, laminates, passive fire protection, dental and orthodontic products, electronic materials, medical products, car-care products, electronic circuits, and optical films. 3M Company (formerly Minnesota Mining and Manufacturing Company) was incorporated in 1929 under the laws of the State of Delaware to continue operations begun in 1902.