3M acquires GuardiaNet Systems Inc.; pays dividend

3M announced April 4 it has acquired GuardiaNet Systems Inc., a leading software company serving the public library market. Terms of the transaction were not disclosed.

GuardiaNet's software and hardware manages access and collects fees for the use of library resources such as computers, printers, copiers, audiovisual equipment and meeting rooms, also known as shared public resource management.

"This acquisition enhances 3M's participation in the fast-growing shared resources segment of library service and builds on the success of our core library business," said Pete Swain, division vice president, 3M Safety and Security Systems Division. "We are excited about broadening our product offering and service to customers as a total solutions provider integrating hardware, software and service for libraries."

3M, which has a plant in Springfield, provides library materials flow-management products to identify, secure, track and manage information and materials. Its product portfolio includes systems for detection, self-service check out and security used in libraries.

With its headquarters in St. Paul, Minn., 3M has operations in more than 60 countries and serves customers in nearly 200 countries. 3M is one of the 30 stocks that make up the Dow Jones Industrial Average and also is a component of the Standard & Poor's 500 Index. It is traded on the New York Stock Exchange under the symbol MMM.

Corporate news

3M announced it increased its quarterly dividend on 3M common stock by 4 cents per share, or 6.5 percent, to 66 cents per share. At this time last year, the company increased the quarterly dividend by 2 cents per share, or 3.3 percent. The dividend was payable March 12 to shareholders of record on Feb. 21.

"3M has a long history of offering shareholders an attractive return on their investment," said W. James McNerney Jr., 3M chairman and CEO. "Our strong balance sheet and improving cash flow give us the financial strength to continue investing in growth while also rewarding our shareholders with a steady and increasing flow of dividends."

As of Dec. 31, 2002, 3M had 390,195,681 common shares outstanding and 125,063 shareholders of record.