Thoughts about the impact on the company???
9 replies (most recent on top)
Layoffs have started ! ( From another post)
Nope Black Tuesday instead… announcements just came out. Atleast 3 groups announced so far
Perhaps even more if neogen craters
People should have sold off the stock when it popped in late July after the aearo bankruptcy announcement and medical spin. People who held lost 20 dollars in one month.
There are not that many people left on the pension plans, and yes those will be frozen. Dividend “readjust” for microbiology spin out first - will not eliminate now. Large corporate layoffs “in prep” for healthcare spinout. Stock price to hover around 100 prespin and much lower if dividend cut much. Employees holding stock hoping for magic will be disappointed
Very soon, they will cut the Everday Wins program, which is a stupid program
My prediction :
Cost cutting will start with massive layoffs at 2022 Q3 earnings call or later in the year, followed by termination of employee pension plan for those in portfolio 1 and 2 ( existing pension plan) , followed by dividend cuts or even temporary suspension of the much coveted 3M dividend
What does this verdict mean for the common hardworking employees of 3M??
Simply put, near term future looks very bleak. 3M will continue to have to spend tens of millions of $$$ on legal costs every month, just on combat arms earplug issue.
How will the top dogs " manage" this situation?? Yes, you guessed it right. They will do more cost cutting, since that is the only thing they know. Layoffs, cuts to benefits, delaying or denying promotion to technical folks etc. will continue to happen and will in fact increase with time.
This is the current reality folks !
Start taking your pension now before you get mixed up with the government program for bankrupted companies
Place is f*cked.