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Another 125 jobs cut by 3M Co.

Published on 2003-12-23. Author : SpecialChem

Due to weak U.S. demand for some industrial products such as sandpaper and industrial adhesives and tapes, 3M Co. will cut another 125 jobs.

It is reported that the affected employees were informed earlier this week that they will have 60 days from Dec. 31 to search for new jobs within the company or be laid off.

It is also reported that during its 2001-02 restructuring, 3M cut 6,500 jobs, but layoffs have slowed since then.

According to Harold Wiens, executive vice president of 3M Industrial Business, global demand for many of their products has been encouraging, but U.S. demand for traditional industrial tapes and abrasives remains soft.

A $663 million profit was reported by 3M, for the three months ended Sept. 30, up from $545 million for the same period a year ago. It is reported that the company operates in more than 60 counties and employs about 68,000 thousand people worldwide with around 35,000 in the United States.

According to company spokesman John Cornwell, the affected employees will be elligible for a separation pay, which will be based on their years with the company, continued benefits and job counseling if they desire it.

It is reported that the shares of 3M fell 3 cents to $81.27 in midday trading on the New York Stock Exchange.


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