3M to repatriate $1.7B

1 July 2005 – St Paul (MN): 3M has announced that it plans to reinvest $1.7 billion of foreign earnings in the US. The company will record a Q2 tax charge as a result.

3M said the tax charge will amount to $75 million and will reduce earnings for the quarter by $0.10 per share.

The company has forecast Q2 EPS of between $0.98 and $1.