3M, diversified manufacturer, has recently announced its plans to eliminate 300 jobs due to a merge of the company’s security and traffic safety divisions. This step forms part of a broader cost cutting strategy and according to the company these units had been recently underperforming. The job reductions will be affected during the first quarter of this year, although it has yet to be decided where the job cuts taking place.
The company currently employs around 88,000 staff worldwide and operates in 65 countries. In 2009, 3M, which is a market leader in several industries- from health care and highway safety to office products and optical films for LCD displays, has reduced its staff levels by 1,800 employees (here).