3M (MMM) announced that its Board of Directors has authorized the repurchase of up to $12 billion of the company’s outstanding common stock. This replaces the previous authorization, of which $2.2 billion remained.

“3M’s strong cash flow enables us to invest in our business, pay dividends, make strategic acquisitions, and repurchase shares,” said Inge G. Thulin, 3M chairman, president and chief executive officer. “This new share repurchase authorization underscores our confidence in 3M’s future and our commitment to delivering long-term value for our shareholders.”

The timing and amount of any share repurchases will be based on market conditions, share price, and other factors, including alternative investment opportunities and capital availability. Repurchases may be made in the open market or through privately negotiated transactions.