3M to Cut 300 Jobs in Restructuring Move

Twin Cities Business ^ | January 24, 2013 | Jake Anderson

[2ndDivisionVet]

Maplewood-based 3M Company is cutting 300 jobs as part of a restructuring process, CEO Inge Thulin told investors on Thursday during the company’s fourth-quarter earnings call.

Thulin said that the company is combining its securities systems division with its traffic safety systems business; the divisions have been underperforming due in part to reduced government spending on safety systems. The merger will result in the reduction of 300 positions, he added.

3M spokeswoman Jacqueline Berry told Twin Cities Business on Thursday that the 300 job cuts represent “a global number,” and the company is still determining where geographically the reductions will occur, although they will be made during the first quarter. 3M currently employs about 88,000 worldwide and roughly 15,000 in Minnesota, she added.

The combination of 3M’s securities and traffic safety systems businesses “creates an opportunity to optimize the overall business and increase efficiency,” Thulin said, adding that the restructuring will result in a first-quarter charge of $8 million...

[nascarnation]

300 of 88,000?
I’m surprised they even can count that accurately.

[SkyPilot]

he divisions have been underperforming due in part to reduced government spending on safety systems. The merger will result in the reduction of 300 positions

You will see more and more layoffs now because Congress and the White House have basically said that Sequestration is "going to happen."

I have spoken to several people in high tech companies that have said the purge has already started. Management is keeping the bad news from their employees (for now) because they don't want to panic the herd.

There is less money going to be spent in medical research, engineering, and defense. Entitlements have won the day. The "Big 3" of Social Security, Medicare, and Medicaid combined with massive increases in all forms of welfare giveaway programs under King Obama are going to cause a massive drag on the economy.

Some people here might not like to hear it, but it is the truth.

[cableguymn]

I am shocked 3M is still based in Minnesota. move a few hundred miles west and your in tax free South Dakota.

[KeyLargo]

Toy Trouble: Hasbro Hit For 4Q Sales Warning, Job Cuts

By Matt Egan

Published January 25, 2013

FOXBusiness

Read more: http://www.foxbusiness.com/industries/2013/01/25/hasbro-shares-sink-on-weaker-revenue-outlook/#ixzz2J0TC1SK9