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3M to cut 1,500 jobs worldwide
Jon Collins � Oct 22, 2015 Business
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SandBlaster sandpaper made by 3M lined the shelves of a Richfield, Minn., store Tuesday, Jan. 24, 2006. The
Maplewood-based company said iYs cutting 1,500 jobs worldwide. Jim Mone � AP 2006
Maplewood-based 3M Co. announced that it will cut i,5oo jobs worldwide within the next few months.
A 3M spokesperson said about 500 of the job losses will occur in the U.S., although it isn't yet clear how
many of those jobs will be in Minnesota.The rest of the job reductions will take place in Europe,the
Middle East and Latin America,according to the spokesperson.
The company says the restructuring plan will lead to cost savings of$i3o million next year.A release
from the company estimates a cost of about $ioo million related to the structural changes during the
fourth financial quarter.
3M reported third quarter net income fell to $i.29 billion from $i.3 billion the previous year.The
company also reported a 5 percent decline in third-quarter sales.