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Apr 1, 2009 9:53 pm US/Central
3M Cutting 1,200 More Jobs Worldwide
MAPLEWOOD, Minn. (AP) ―
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3M, the maker of Scotch tape, Post-It Notes and other products, has operations in more than 60 countries.
3M Co. is cutting its worldwide work force by another 1,200 jobs, or 1.5 percent, because of the global economic slump.
Company spokeswoman Jacqueline Berry said Wednesday fewer than half the jobs eliminated will be in the United States, but they include "several hundred" in Minnesota, mostly at the company's Maplewood headquarters.
Berry said the 1,200 figure includes cuts made earlier in the first quarter. Staff adjustments will span across nearly all of 3M's businesses worldwide.
Further details on the latest round of layoffs, which was announced late Tuesday, will be released when 3M reports its first-quarter results on April 24.
The diversified manufacturer, whose operations span office supplies, transportation and health care, cut 2,400 jobs mainly in the U.S., Western Europe and Japan in the fourth quarter to save $235 million this year. It has also deferred merit pay increases for another $100 million in annual savings, and modified its policy on bank vacation days to get an additional $100 million in savings over the next two years.
The company plans to cut capital spending by about 30 percent this year and conserve cash aggressively.
3M, the maker of Scotch tape, Post-It Notes and other products, has operations in more than 60 countries that employ 79,000 people, and generated about two-thirds of its revenue outside the U.S. last year.
Shares of 3M added 93 cents, or 1.9 percent, to close at $50.65. The company's stock has traded between $40.87 and $83.22 over the past 52 weeks.
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According to 3M's website, the company was founded in 1902 in Two Harbors, Minn.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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