3M to Cut 2,500 Jobs, Posts Profit Increase
3M Co. said it plans to cut 2,500 jobs this year, adding to earlier reductions that helped fourth-quarter profit rise 13% amid declining sales.
The maker of products ranging from Post-It notes to electronic circuitry said earnings, excluding one-time items, rose to $387 million, or 98 cents a share, a penny better than analysts expected. Revenue fell 6.6% to $3.86 billion, the third quarterly decline.
3M, which cut 6,000 jobs and closed seven plants last year, expects to cut expenses by $1 billion this year.
Shares of St. Paul, Minn.-based 3M rose $2.28 to close $106.80 on the NYSE.
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