Heard 3M is all in to reduce inventory for the Q3 results.... sales has been depriortized.
Looks like protecting dividend cash flow is their last trick.
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Remember when GE made great products, like ovens. You paid more for the quality bit it was good.
Like GE, 3M expects you to pay more for quality, but the competitors are just as good and 20 percent cheaper. You could have the beat sales people in the world, with the biggest budget but people won't pay more for the same quality.
Even if the Sales people were given the budget to go on the road I still don’t think it would make a difference. 3M products are over priced and poor quality compared to competitors, people are realising that now and the decline of a once great company is inevitable
Of course sales are down, sales reps are being told to stay home, no hotels, and monthly gas budget that is less than half a tank of fuel.
Heard there are a few EMEA plants identified for FMR closure. Any others beside above anyone knows?
Atherstone closure has already been decided, Plant Management were told of the decision recently.
Employees will have to wait for Q1 to hear it officially
A reverse stock split is becoming a possibility
If you compare to GE, The MM stock will go down to 50ish. Same person same results.
Same legacy company.
Winning to the bottom
Who knows, ask Monish, he is the one who is always asking "are we winning". Maybe this is winning to him...
Current low can get lower.
Just look at GE share price from history..
Winning at LOSING!
With production line shutdowns, etc., watch factory burden rates to skyrocket resulting in increases to factory cost.
Won't stop until?
Why wouldn’t they consider to reduce price to gain market share, so that they can keep the factories filled?
Actually, a 9 year low.
And yes a number of production sites have reduced rates or even shut down certain production lines.
This is exactly the "playbook" Mikey wanted when he signed on as CEO. The number one mission was for him to make Inge look great, since Inge gave him the job over better candidates. Mike has made his point and won't be happy till the stock is below 100 and he can play his fiddle while maplewood burns.
Wrong 12 year low.
Will it hit $100 by Oct earnings call?
So many plant shutdowns due to weak sales