cost cutting bigtime,, departments told to immediately halt any further spend on maintenance and contractors, Big American bosses are in discussions. Will the share price see a sudden drop over the next fortnight. Is it time to cash in those 195 dollar shares
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I know at least one division is planning for a direct cost (pay, benefits) reduction of 10% the fourth quarter. I don't see how it can be done without layoffs.
Is this still going on ? Things quieter in certain areas, perhaps?
Saw SVP giving directions on air freights to reduce costs and avoid holding inventory... Prepare for a bloody Qtr 3 results
I heard this time really bad situation. Sales are not moving, with high inventories which are inflated RM costs and freight costs. No wonder cutting costs like never before.
Can confirm executives are acting like 3M is going broke, something big is up. Heavy cost cutting being demanded urgently. Even committed purchases are being delayed or cancelled. Plants that are in backorder are being demanded to cut inventory. Last time pre-pandemic this type of cutting occurred was right before Acelity acquisition was announced. (they wanted cash in the bank for that one)