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3M Plans to Cut 1,000 More Jobs

Time: 17:30 EST/22:30 GMT | News Source: Associated Press | Posted By: Guillaume H�bert

3M, which announced a 13 percent drop in fourth-quarter earnings, said Friday it will cut 1,000 more jobs this year than had been previously announced as it continues to cut costs in a tough global economy. The diversified manufacturer of products like Scotch tape and Post-it Notes said that the new cuts would be accomplished by leaving jobs vacant as employees retire. The company also intends to eliminate another 1,500 jobs this year that were part of a restructuring cutback announced last May. Minnesota Mining & Manufacturing Co. eliminated 6,000 positions in 2001. "These are tough and unusual times and I don't see the negative global economic situation abating anytime soon," chairman and CEO W. James McNerney Jr. said as he discussed the company's results with securities analysts.

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