US manufacturing giant 3M plans to drastically cut dividends, ending the practice of increasing dividends every year for more than 60 years, marking a new era for the company after divesting its healthcare products division. 3M said in a statement on Tuesday that it plans to pay dividends around 40% of adjusted free cash flow starting in May. By contrast, last year's dividends represented more than 60% of its free cash flow. The move broke 3M's tradition as a so-called “dividend aristocrat.” The company earned this reputation because it has been paying dividends uninterrupted for over a century and has increased its dividends every year for over 60 years. (Global Market Report)