3M Slashes 1,800 Jobs

Company is forecasting sales to decline between 3% and 7% in 2009

U.S. industrial conglomerate 3M said on Dec. 5 it was cutting nearly 1,800 jobs in the fourth quarter as it struggles with the global financial crisis. The cuts have been "mainly in the developed economies of the U.S., Western Europe and Japan," the company said.

The job cuts were expected to generate $170 million in savings.

"During these difficult economic times, we will continue to aggressively manage our costs," CEO George Buckley said. The widely diversified manufacturer said it was reorganizing 10 production and administrative sites worldwide. "We are prepared to implement additional restructuring as economic conditions dictate," Buckley said.

"Given the uncertain duration and depth of the global slowdown," the company said, it was now forecasting sales to decline between 3% and 7% in 2009.

Copyright Agence France-Presse, 2008

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