Shares of The 3M Company (NYSE:MMM) popped on Tuesday, rising as much as 7.1%. As of 12:55 p.m. EDT, the stock was up 5%.
The maker of everyday products from bandages to hearing solutions, saw its stock climb as the Trump administration ended a spat with the company over 3M's mask production and sales.
On Monday evening, the White House said it planned to buy about 167 million masks from 3M over the next three months in an effort to provide gear to medical workers.
Leading up to this order, President Donald Trump had criticized the company's efforts to supply masks to Americans during this pandemic. But after talking to 3M CEO Mike Roman, Trump says he was happy with the company's efforts.
"3M and the Administration worked together to ensure that this plan does not create further humanitarian implications for countries currently fighting the COVID-19 outbreak, and committed to further collaborate to fight price gouging and counterfeiting," wrote 3M in a blog post Monday about the arrangement.
3M is importing these masks from its manufacturing facility in China. This means the imports will supplement its monthly U.S. production capacity of 35 million N95 respirators.
"As a global company, 3M has manufacturing operations around the world to serve local and regional markets," the company said. "As the pandemic unfolds in different stages around the world, 3M will continue to work with governments to direct respirators and other supplies to serve areas most in need."