The Orvis Company, Inc. signed a definitive agreement to acquire Ross Worldwide Outdoor and Scientific Anglers from 3M Company (NYSE:MMM) on May 1, 2013. Upon completion of the transaction, Orvis plans to continue to operate the Midland, MI based business independently under the Scientific Anglers brand. Ross Reels will also continue to operate independently under its brand name from its Montrose, CO headquarters. Scientific Anglers and Ross Reels will maintain their ... current operations, facilities, employees and independent sales representation. Jim Lepage will be appointed as President of both businesses. The transaction is expected to be completed in the second quarter of 2013.
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The Board of Directors of 3M Company (NYSE:MMM) authorized a share repurchase program on February 5, 2013. Under the plan, the company will repurchase up to $7.5 billion worth of its shares. The plan reflects company's confidence in its future and its commitment to return significant cash to its shareholders. The authorization has no pre-established closing date. As of December 31, 2012, 3M has 687,091,650 common shares outstanding.As of March 31, 2013, the company has ... repurchased $805 million worth of stock.
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