Lay-offs to yield USD 130 m in savings
The 3M Group from St. Paul/ Minnesota managed a turnover amounting to USD 22,976 m (EUR 20,238 m) in the period Jan. to Sept. 2015, 4.9%........
less than in the same period last year (USD 24,102 m = EUR 21,230 m). Inge G. Thulin, 3M’s president and CEO, appeared satisfied with the course of business.
In order to further strengthen competitiveness 3M has announced a restructuring plan which will lead to 1,500 job cuts all over the world in 2016, mainly affecting the USA and the slower growing markets such as the European economic region, the Middle East and Africa (EMEA) as well as Latin America. These measures are to lead to pre-tax earnings of USD 130 m (EUR 115 m).
Operating income amounted to USD 5,446 m (EUR 4,797 m), a slight drop of just under one per cent compared to last year (last year: USD 5,473 m / EUR 4,821m).
Net income of USD 3,795 m (EUR 3,343 m) was practically the same as last year.