3M was founded in 1902 at the Lake Superior town of Two Harbors, Minnesota. Five businessmen (Henry S. Bryan, Hermon W. Cable, John Dwan, William A. McGonagle, Dr. J. Danley Budd) agreed to mine a mineral deposit for grinding-wheel abrasives. Later, new investors were attracted to 3M, such as Lucius Ordway, who moved the company to St. Paul in 1910. In 1916, the company paid its first dividend, 6 cents a share. A major milestone occurred in 1925 when Richard G. Drew invented masking tape, the first of many Scotch brand pressure-sensitive tapes. 3M Company, formerly known as Minnesota Mining and Manufacturing Company, was incorporated in 1929 under the laws of the State of Delaware to continue operations. 3M uses more than 30 core technologies, individually and in combination, to solve customer needs and to propel growth. The company's library of technologies creates endless possibilities for us, and better ideas for you.