(Bloomberg) — 3M Co. dropped the most in nine months after revealing it had received a grand jury subpoena in an environmental probe and saying it would cut 1,500 jobs amid slumping markets including car parts and electronics.The pared workforce is part of a restructuring — affecting “all business groups, functions and geographies” — starting this month that will recast reporting lines and consolidate manufacturing oversight, 3M said in a statement Tuesday as it reported earnings. The company anticipates pretax savings of as much as $120 million a year from the changes.The cuts, on top of 2,000layoffs announced in April, …read more
Source:: Yahoo Finance
