People are getting cut this month in a division here, rumor I heard was if 3M keeps it below 50 a month they don't have to announce it publicly or notify the state? I have not heard of anyone in my division getting cut.
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a lot of minus points for a couple of European plants and even worse headwinds for the UK plants which have massive energy costs right now
@ka very well said!
There are no drivers for the stock price to go up. Hence at best sideways movement courtesy cost-cutting. Meanwhile He-l will freeze over before SOLV can ever afford a dividend. The debt load is too large (thanks Mike Roman!).
Bryan can no longer rally the troops or Wall Street with his Solventum Way. The Trian guy is very smart. Once he finds a better place to park his money, he will find a few days when SOLV is up because the market is up. And then strategically dump shares over the course of a month or two. Once Wall Street sees that happen, SOLV will be downgraded with Sell ratings and the crappe will really hit the fan in Eagan.
one manager once said: you cannot cut your way to prosperity
This is probably the new norm, steady but quiet layoffs with announcements when it is unavoidable (closing a plant or something). Other than that, it seems like it just happens quietly and you learn when you stop seeing someone and find out through out-of-office messages or Teams status. If you track all layoffs and compare global headcount, you can generally see where they get replaced (cheap labor countries). Until there is some sort of incentive to not continue, expect more of the same - cost cutting when growth is stagnant to hold the stock price up (or keep it from dropping more). Not sure how to grow a company with constant cutting, so seems like end game is built for attracting buyers.
@gy seems like VP left too
@bc yes they ch0pped off quite a number from CB&T. Seems like all its GAPA FCS and TS all performing poorly.
dont forget now, that if you hand your notice in and go on sickleave you don't get paid
@ab
They know what they are doing. Unfortunately.
I know few long time 3mers let go months before their retirement. They even worked 4 days in office. Just think giving your best years of life to a company that treat you like that.
a long time friend was let go for no reason last week. So sad.
Several let go in CBT over last week
They are happening in our plant as well and have been. A few here a few there. It all starts to add up. Between the layoffs and people quitting (some long time employees) I am not sure how we are functioning. Hourly and salaried.
Under 50 a month is part of the WARN Act.
Issuing the notice required by the WARN Act causes stick prices to dip, and Billy boy can't have that.
Several were let go last week in a lab for a division. 8 day notice.