3M (NYSE: MMM) is joining the layoff front. This morning the company previewed a presentation it would give institutional investors detailing cost cutting actions. The company is lowering guidance and announcing layoffs.
The company will be laying off 1,800 workers, mainly in the U.S., E.U,and Japan. The company will also be "rationalizing" about 10% of itsmanufacturing capacity. In short, it will be sending some workers hometemporarily without pay to cut costs and will streamlining manufacturing locations as it sees fit.
And lower guidance is not something this conglomerate is immune from,either. Excluding items, the company adjusted its full-year 2008guidance from an earlier estimate of $5.40 to $5.48 per share to arevised estimate of $5.10 to $5.15 per share. 3M now also sees 2009EPS at $4.50 to 4.95 vs. $5.30 estimates.
The carnage continues.
Jon C. Ogg
December 8, 2008
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.