3M to go green
In a press release today, 3M (MMM) announced that it’s committed to implementing a 100% renewable electricity program in all of its facilities around the world. The implementation of this program will begin at its headquarters tomorrow. 3M’s headquarters are spread across over 409 acres with 30 buildings accommodating 12,000 employees.
In this regard, 3M has partnered with Xcel Energy’s services to make this initiative successful. 3M is now Xcel’s largest partner. Moving the headquarters to renewable energy should increase the company’s total global renewable sourcing to more than 30% and help reduce greenhouse gas emissions. 3M expects that, by 2025, at least 50% of its electricity will be sourced from renewables.
3M CEO Mike Roman said, “3M is flipping the switch to becoming powered 100% by renewable energy. We are continuing to step up our leadership toward a more sustainable future – in our own operations, and in solutions for our customers.”
At 12:00 ET today, 3M was trading at $207.45, which is a decline of 0.75% from its previous closing price. 3M’s peers Stanley Black & Decker (SWK), Illinois Tool Works (ITW), and Caterpillar (CAT) were down 2..9%, 0.6%, and 1.25%, respectively. Despite the decline in its stock price, 3M has continued to trade above its 100-day moving average price of $198.52.
Investors can indirectly access 3M by investing in the SPDR Dow Jones Industrial Average ETF (DIA), which has invested 5.4% of its holdings in 3M as of February 27.