Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
3M, diversified manufacturer, has recently announced its plans to eliminate 300 jobs due to a merge of the company’s security and traffic safety divisions. This step forms part of a broader cost cutting strategy and according to the company these units had been recently underperforming. The job reductions will be affected during the first quarter of this year, although it has yet to be decided where the job cuts taking place.
The company currently employs around 88,000 staff worldwide and operates in 65 countries. In 2009, 3M, which is a market leader in several industries- from health care and highway safety to office products and optical films for LCD displays, has reduced its staff levels by 1,800 employees (here).
Eurofound (2013), 3M, Internal restructuring in World, factsheet number 74819, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74819.