3M delivers ‘Pink Slips’ to more than 1800 employees

NYSE-listed 3M Co. has informed it had cut more than 1,800 jobs across the country, since the start of the fourth quarter.

The 1,800 jobs account for about 2 percent of 3M's global workforce of 75,000.

Maplewood-based 3M stated in a communiqué, "The lay offs were mainly in developed economies in the United States, Western Europe and Japan and would save the company $170 million in 2009."

Apart from jobs cuts, the company is also closing 10 manufacturing, technical and office facilities around the world.

In a separate release, 3M has reduced its 2008 earnings guidance by about 30 cents per share, citing slowing revenue in the weakening economy.

The company now expects earnings per share for 2008 will range between $5.10 and $5.15, down sharply from its previous estimate of $5.40 to $5.48 and well below Wall Street's $5.43 average forecast.

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