There's good news out of 3M!
The industrial giant is "accelerating the pace" of its "transformation journey".
That sounds great. Until you read the press release, which reveals that part of that "transformation" involves sending 1,500 people on a "journey" to other occupations. To wit:
As a result of these actions, 3M initiated a restructuring that will reduce approximately 1,500 positions, spanning all business groups, functions and geographies. On a pre-tax basis, 3M took a restructuring charge of $134 million in the fourth quarter of 2019. The company expects annual pre-tax savings of $110 to $120 million, with $40 to $50 million in 2020.
A quick skim of the numbers reveals what certainly looks like lackluster demand in Asia, where sales declined in three of four business groups.
"Our team executed well in the fourth quarter and delivered results that were in-line with our expectations", said Mike Roman, 3M chairman and CEO, before noting that the company is managing "challenges in certain key end markets".
The shares - which plunged last April on a forecast cut and basically never recovered - dove in the premarket.
This could turn around during the regular session, but
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