Thread regarding 3M layoffs

"Allowing people to find out they’re out of a job by looking up a list on share point is a new low."

Although an awful way of finding out, the way ParentCo announced internally the change in doing business in small countries (this was back in January) was worse.

Some Sales Reps found out through their masters distributors.

In my region, businesses were notified first. So back-office found out through hallway chatting (like if we were another class of workers). The rumors were so hot that a multi-country meeting was set for the following week. Two months later, we are still waiting the follow-up meeting and answer of +200 questions made.

I feel awful for those colleagues in countries were ParentCo will still have presence, that were moved to the HCBG roster days before the Town Hall just to find out they are in the chopping list...

Allowing people to find out they’re out of a job by looking up a list on share point is a new low.

Affected countries are below. Export:

• Puerto Rico
• Argentina
• Barbados
• Belize
• Bermuda
• Bolivia
• Cayman Islands
• Costa Rica (so, need a new GSC located elsewhere)
• Dominican Republic
• Ecuador
• El Salvador
• Guatemala
• Haiti
• Honduras
• Jamaica
• Nicaragua
• Panama
• Paraguay
• Peru
• Trinidad
• Venezuela
• Uruguay
• Albania
• Algeria
• Angola
• Bahrain
• Bosnia
• Bulgaria
• Croatia
• Cyprus
• Czech Republic
• Egypt
• Estonia
• Eswatini
• French Overseas Territories
• Greece
• Hungary
• Jordan
• Kazakhstan
• Kenya
• Kuwait
• Latvia
• Lithuania
• Luxembourg
• Macedonia
• Malta
• Monaco
• Morocco
• Namibia
• Nigeria
• Oman
• Pakistan
• Portugal
• Quatar
• Romania (I know at least one leader in the marketing center based here)
• Serbia
• Slovakia
• Slovenia
• Tunisia
• Uganda
• Ukraine
• Bangladesh
• Indonesia
• Phillipines
• Sri Lanka

Exit:

• Guam
• US Virgin Islands
• Anguilla
• Antigua and Barbuda
• Aruba
• Bahamas
• British virgin Islands
• Curacao (spelled wrong on the site)
• Dominica
• Grenada
• Guyana
• Montserrat
• St Vincent & the Grenadines
• St Kitts & Nevis
• Suriname
• Turks and Caicos
• Armenia
• Azerbaijan
• Botswana
• Ghana
• Eritrea
• Georgia
• Iceland
• Iran
• Iraq
• Kosovo
• Kyrgyzstan
• Lebanon
• Libya
• Liechtenstein
• Madagascar
• Mali
• Mauritius
• Moldova
• Montenegro
• Mozambique
• Palestine
• Rwanda
• San Marino
• Senegal
• Tanzania
• Turkmenistan
• Vatican City
• Zambia
• Zimbabwe
• Brunei
• Cambodia
• Fiji
• Laos
• Maldives
• Myanmar
• Nepal
• Macau

I absolutely hate the last FAQ on the page listing the countries: "what should I do now?" And "for now business would remain as usual; continue to serve our customers." Excuse me, you just told people they won't have jobs by making them come to an intranet and now want them to act like that's not happening?!

Can anyone post the countries affected? Funny how Jeff and HR wouldn’t announce the countries. Poor people on the call. This is not a nice place anymore.

3M HR has become so Unhuman that the employees of countries where Spinco will not keep legal entity just realized that they will not have a job by visiting 3M website after a townhall.
No problem, it is only 1% of employees!! People culture in this company is barbaric. Now I understand MR’s message when he started his position as CEO that will focus on people. Welcome to one of the most ethical companies! Hahahaha

Mr T, there are a lot of small countries where Spinco will no longer have a legal entity. But it was said this makes up 1% of employees. The list is on the new intranet site.

Does anyone know which countries and how many people will be let go as a result of the new announcement?

Charlie Munger: 'Every time you hear 'EBITDA' substitute it with 'bull**** earnings'

https://www.youtube.com/watch?app=desktop&v=l82kIjqBtqw

EBITDA is a more accurate way at looking at profitability of a business. For KCI the last 3 years of EBITDA before 3M took over shows clear profitability.
2016 - $488m
2017 - $427m
2018 - $441m

Since 3M took over, sales have stagnated, and customers are unimpressed. Performance in the industry has been described as lackluster.

To the person saying KCI was profitable:

Pull the prospectus they filed in preparation for going public yourself here: https://www.sec.gov/Archives/edgar/data/1651347/000119312515302491/d75746ds1.htm

Here's the data from the prospectus (pg 52 rounded to nearest M):
2010 Net Earnings: $256M
2011 Net Earnings: -$115M
2012 Net Earnings: -$141M
2013 Net Earnings: -$559M
2014 Net Earnings: -$230M

Earnings don't tell the whole story, but the statement KCI was profitable is false.

To the poster below. Kci may have been profitable but its the most unethical bunch of ppl too. Profits as you lie and turn your face the other way to not see the daily violations of law is not profits. Good to see u go.

KCI was a profitable corporation prior to the 3M acquisition.

Confirmed. Employees designated in exit markets will be let go as an impact of spinco. Nothing announced yet as to who will be affected and which countries. It’s in the works as they progress with the spin.

How stupid is 3M management that they still have millions in HCBG back orders and their priority is to layoff production people. It is unacceptable that in a low demand scenario a company can have backorders for months. MP and PG should focus on the right things instead of been destroying this company with more layoffs. Those guys are certainly inepts and I do not mention MR who just collect money with a joker face.

It’s clearly a typo…. Who cares. What we should care about is the fact that there will be more layoffs announced tomorrow. It won’t matter if it is called HCGB or HCBG because it won’t exist. 3M is in a free fall, spinco is a joke to try and offset the 3M litigation, revenue loss from the KCI acquisition, and the failure of Advanced 3’. Keep throwing sh-t at the wall and hope something eventually sticks….

Don't you mean HCBG?

Interesting if the news is true……, Jeff Levers is having a town hall call tomorrow at 8amEST. Might be when it is announced. What has happened to this organization?