3M Says It Plans to Eliminate 4,000 Jobs

Minnesota Mining & Manufacturing Co. said it will cut 4,000 jobs, or 4.6% of its work force, as its second-quarter profit fell because of weakness in Asia and the strong dollar. The maker of such products as Post-it Notes and Scotchgard fabric protector said the jobs will be eliminated within two years mostly through attrition, but it wouldn’t comment on where the cuts will be made or the savings it anticipates. 3M said net income declined 7.7% to $386 million, or 94 cents a diluted share, 2 cents higher than forecasts. Foreign currency conversion trimmed results about 12%. The company had warned of that impact last month. Sales fell 1.2% to $3.77 billion. 3M gets a quarter of its earnings from the Asia-Pacific region. “Softness” in the U.S. businesses serving the electronics, transportation safety and industrial tape markets also hurt earnings, the company said. 3M’s shares fell $2.19 to close at $78.25 on the New York Stock Exchange.