HEI: 3M euphemistically touts exciting ‘transformation journey’ as shares slide on job cuts, forecast miss

THE HEISENBERG writes:

There’s good news out of 3M!

The industrial giant is “accelerating the pace” of its “transformation journey”.

That sounds great. Until you read the press release, which reveals that part of that “transformation” involves sending 1,500 people on a “journey” to other occupations. To wit:

As a result of these actions, 3M initiated a restructuring that will reduce approximately 1,500 positions, spanning all business groups, functions and geographies. On a pre-tax basis, 3M took a restructuring charge of $134m in the fourth quarter of 2019. The company expects annual pre-tax savings of $110 to $120m, with $40 to $50m in 2020.

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