3M to Cut Jobs And Businesses Lagging in Profit
The Minnesota Mining and Manufacturing Company said today that it would lop off some of its best-known but least-profitable businesses, cut 5,000 jobs from its work force of 85,000 and take a $600 million charge against profits in the fourth quarter. The scope and timing of the moves startled Wall Street, but also pleased it. The company's shares jumped $2.625, to $61.625, on the New York Stock Exchange, for a gain on the day of 4.4 percent.