NEW YORK - US industrial conglomerate 3M said Monday it was cutting nearly 1,800 jobs in the fourth quarter as it struggles with the global financial crisis.
The cuts have been "mainly in the developed economies of the US, Western Europe and Japan," the St. Paul, Minnesota-based company said in a statement.
The job cuts were expected to generate 170 million dollars in savings, it said.
"During these difficult economic times, we will continue to aggressively manage our costs," chairman, president and chief executive George Buckley said in the statement.
The widely diversified manufacturer said it was reorganizing 10 production and administrative sites worldwide.
"We are prepared to implement additional restructuring as economic conditions dictate," Buckley said.
The company lowered its full-year 2008 profit guidance to 5.10 to 5.15 dollars per share, from 5.40 to 5.48 dollars, citing slower sales and negative currency effects.
"Given the uncertain duration and depth of the global slowdown," the company said, it was now forecasting sales to decline between 3.0 and 7.0
- AFP /ls
The cuts have been "mainly in the developed economies of the US, Western Europe and Japan," the St. Paul, Minnesota-based company said in a statement.
The job cuts were expected to generate 170 million dollars in savings, it said.
"During these difficult economic times, we will continue to aggressively manage our costs," chairman, president and chief executive George Buckley said in the statement.
The widely diversified manufacturer said it was reorganizing 10 production and administrative sites worldwide.
"We are prepared to implement additional restructuring as economic conditions dictate," Buckley said.
The company lowered its full-year 2008 profit guidance to 5.10 to 5.15 dollars per share, from 5.40 to 5.48 dollars, citing slower sales and negative currency effects.
"Given the uncertain duration and depth of the global slowdown," the company said, it was now forecasting sales to decline between 3.0 and 7.0
- AFP /ls
