3M

Jobs Cut: 2,300

With two separate announcements in early December, 3M (MMM) said it would eliminate 2,300 positions in the U.S. (700), Western Europe, and Japan, aiming to save $170 million in 2009. The jobs represent about 3% of 3M's global workforce of 75,000. Based in St. Paul, Minn., 3M is also deferring merit pay increases and cutting capital costs such as new buildings and equipment. "We are prepared to implement additional restructuring as economic conditions dictate," CEO George Buckley said Dec. 8 at a meeting with investors and analysts.