By Chelsey Dulaney 

3M Co. said Tuesday that its per-share earnings could grow by as much as 12% next year as the company's appetite for acquisitions helps drive growth.

The St. Paul, Minn.-based company, which sells everything from stethoscopes to Scotch tape, also boosted its dividend for its next quarter by 20%. The company promised last December to adopt a somewhat less conservative financial strategy and consider larger acquisitions in an effort to improve shareholder returns.

Ahead of an investor meeting, 3M said it expects to post $8 to $8.30 in per-share earnings next year, compared with the $7.40 to $7.50 a share in earnings the company is expecting to post this year.

Analysts polled by Thomson Reuters are expecting 3M to post $8.20 in per-share earnings next year.

3M also said it expects its organic local-currency sales to grow 3% to 6% next year. For the current year, 3M has forecast 4% to 5% organic sales growth.

The outlook came a day after 3M agreed to sell its static control business to electronics-production company Desco Industries Inc.

Terms of the transaction weren't disclosed, though the majority of 3M's 150 employees in the static control business are expected to transfer to Desco.

3M also reaffirmed its long term-growth targets Tuesday, looking to grow its earnings 9% to 11% a year and its organic sales 4% to 6% a year.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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