3M to cut 1,800 more jobs, postpone merit pay -- report

[UpInArms]

Source: Star Tribune via MarketWatch

3M Co. (MMM) is cutting 1,800 jobs in the fourth quarter as well as
postponing "merit pay" in 2009, the Star Tribune reported Friday on its Web site. The company is also ordering some workers to take vacation time or time without pay during the last two weeks of December.

The newspaper quoted 3M spokeswoman Jackie Berry as saying the difficult economy forced the company's hand but couldn't say how much the company hoped to save by the job actions. The 1,800 new layoffs, which come on top of the 1,000 job cuts announced during the third quarter, will come from the U.S., Western Europe and other developed nations.

Read more: http://www.marketwatch.com/news/story/3m-cut-1800-more-jobs/story.aspx?guid=%7B900170C7-E087-491F-9D70-4A488BB5CDAB%7D&dist=msr_1

[Raschel]

1. Those workers were paid too much anyway. (hopefully obvious sarcasm)

[antimatter98]

2. As wealthy as 3M is, they have to eliminate jobs?

This company has been around eons and has obviously done well.

Still, in the spirit of screwing the worker and of McCain losing, they have to lay off
just to make a point.

3M needs a union to push back on what they're doing to working Americans.

Privatize the profits, socialize (and lay off) the risk.