Thread regarding 3M layoffs

It is far worse than you are being told. Here’s a quote for today’s press:

"Lawsuits, forever chemicals, competition, and many other factors are toppling" 3M (MMM), Another Mountain's Rock Investing writes in a bearish analysis published recently on Seeking Alpha.

230,000 lawsuits are pending. Even at 5 million a piece to settle which is significantly below the 74 million already awarded to one of those who filed a lawsuit, you are looking at 1.15 trillion in exposure. That has nothing to do with competition or PFAF which are also huge holes. I believe bankruptcy is around the corner.

I am one of at least 2 local sales reps let go, both of us with stellar performance and meeting quotas. When you start cutting the people who are literally bringing money in with no thought to assess their skills? Dark days ahead, my friends. The remaining reps are completely demotivated, scared, and have been thrown into a 4 month guarantee (say goodbye to the Sept bonus). Some reps just gained 2-3x the geography with little financial incentive. Brutal.

https://www.bloomberg.com/news/articles/2022-08-31/3m-plans-job-cuts-as-part-of-a-broader-cost-cutting-initiative

Bloomberg picked up on the announcement but no numbers revealed

Interesting how just a few weeks ago some people thought layoffs were a no go given the number of people leaving on their own. I agree that things must be looking much worse at the business level than people thought to see as many people jettisoned with almost no warning. The minnesota news outlets are mum on this. The only story in the star tribune today is 3m being ordered back to the mediation table, which means ugly will be turning to gruesome soon enough in maplewood.

Those being left behind will only
Keep the lights on while trying to keep their heads above water. Rumor has it we will cut all extra expenditures and focus on core only. Even removing some regional staff.

Layoffs were still happening in the late afternoon. A third day tomorrow, not everyone has been informed.

The ages are mostly 45-65+ with some median in there to even out the age discrimination claims (seems thoughtful and targeted). The process is Unorganized and lacking thought or compassion through feedback from those impacted. 3M must be in bigger financial straits than they have led on. It also seems they are trying to keep this away from the media. Especially in their hometown…. Folks won’t keep their loyalty when their friends and family are cut.

Those left behind have to pick up more job scope from those laid off.

Brilliant cost cutting measure

Yes

CBG reducing from 4 to 3 divisions.

Hence eliminating 1 division personnel and support.

All business had/have layoffs as well

Will there be more in other areas today?