3M eliminates another 1,000 jobs

  • Article by: LIZ FEDOR , Star Tribune
  • Updated: June 30, 2009 - 1:55 PM

Most jobs were lost in Europe and Asia, but figures don't count 700 early retirements in U.S.

3M Co. management told employees Monday that it eliminated 1,000 jobs worldwide during the second quarter that ends today.

Most of the job losses were in western Europe and Asia, but the size and scope of those job cuts were not disclosed until Monday. That 1,000 figure doesn't include 700 U.S. employees who accepted early retirement packages this spring.

3M spokeswoman Jacqueline Berry said the actions are "related to market conditions." Minnesota's largest manufacturer has been battered by the global recession and projected in April that its second-quarter sales would decline by 15 to 20 percent.

More job cuts are coming.

Berry said Monday that 3M expects to eliminate 100 positions within its information technology organization. "That will occur over the next 12 months," Berry said. The bulk of those cuts will be within the United States, with most of them expected at the headquarters campus in Maplewood, she said.

In recent months, 3M has employed about 76,000 people worldwide and about 10,000 in Minnesota. In the first quarter, it eliminated about 1,200 jobs globally.

The company will announce its second-quarter results July 23, when analysts project earnings per share will be down by about one-third. 3M still turned a profit in the first quarter, but it declined 43 percent to $563 million.

"We expect the second quarter end markets to be similar, or probably a bit worse, than quarter one in the early part of the quarter, with improving results toward the end," 3M CEO George Buckley told Wall Street analysts in late April.

During the first-quarter conference call, he said he anticipated the third quarter of this year to show "sequential improvement" over the second quarter.

In April, 3M projected 2009 sales, excluding those from acquisitions, would drop by 11 to 15 percent. It forecast third-quarter sales to fall by 9 to 14 percent when compared with a year earlier.

Liz Fedor • 612-673-7709

  • get related content delivered to your inbox

  • manage my email subscriptions

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

 
Close