There was some talk about February, if I remember correctly, has there been any more mentions of that?
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Confirmed. Layoffs going on this week in PSD.
@1h4 it will be portfolio 1 that is targeted. BB was brought out of retirement as a short term CEO so his focus will be cost cutting and portfolio maintenance, and pensions will be his low hanging fruit- he isn’t in this for any long term plans…..stock gains and cut-n-run is his contribution
@1h4 I remember using the pension modeling tool to figure out the advantage of retiring at 55 with 32 years of service or working the next five to age 60 and 37 years. The pension was about 33 percent bigger. This was for Port 1 employees.
BB is a bottom line numbers guy. Innovation costs money and BB is about the stock price and his bank account. If I can do the math, he can too. So expect any remaining Port 1 people to be offered to the layoff gods on Wall Street this year.
3M gave modest 3% growth forecast for 2026, so expecting to see continued ‘industrial carve—out’ divestiture of ~2% (PG&F was ~1% and BB told Wall Street ~3%) and continued plant and DC focus (insert Gallagher) since BB called out focusing on utilization of ~107 or 108 plants/DC’s. Attrition, GSC’s and cuts will be on 2026 menu as options to hold stock prices then BB will take his pay and run. Not sure how cuts will be determined (LIFO was used in previous rounds when goal was lower severance cost). BB also mentioned pension cost headwinds, and if that is the focus, seasoned employees would be the targets. This won’t stop; automation and cheapest GSC’s are still the goal. It will just keep happening slowly until it is your turn, so keep your head down and do your job, but don’t expect it won’t still come or that 3M is anything different from any other large corporation. It had a special history and treated people well in exchange for mutually beneficial loyalty. It is 3M-in-name-only now, which is a job, not a career. Good luck to all still there.
@en Solventum is doing the same thing.
a lot of the public affairs executives have been laid off during the past few weeks - not sure how many employees will be but you are right if it was not announced during the investors call - it will stay under the radar.
@19f Reminds me of the year that we had a department meeting on January 4 and the director complained that we were already “behind plan”. The senior technical employee then stated boldly that, “It must not have been a very good plan.” This comment was immediately followed by a lot of laughter by the whole room.
Plants are already told to be in cost cutting mode and it is only January. Email was sent out from SVp level
After all the questionable measures 3M took to pull sales forward into Q4, Q1 will be tough....
We don't do large rounds of layoffs anymore because Wall Street doesn't like it when companies sc--w up staffing and have to lay people off.
So we stay just under the WARN Act threshold by never firing more than 100 people in any 60-day stretch.
We're still laying people off, just not all at once, so Bill doesn't look like the talentless one-trick pony dragged back in from the pasture that he is.
April for sure.
@dd thats 3M with one trick pony - cut its way to prosperity
Results were because we took extreme measures of cuts so we must continue this practice. It’s all we know.
Hearing more consumer changes
You can bet your bottom dollar that implementing further cuts will be driven by the quarterly results and nothing else. The end of their noses is the end of this quarter.