3M Cuts 1,800 Jobs and Lowers Forecast

The 3M Company, which makes everything from Post-it Notes to Scotch Tape, lowered its 2008 earnings outlook on Monday. It also said its 2009 profit would fall below Wall Street expectations because of slowing revenue in the weakening economy.

The company said it would cut nearly 1,800 positions in the fourth quarter, mainly in the United States, Western Europe and Japan. The cuts are expected to save $170 million in 2009, and are in addition to the 1,000 jobs eliminated in the third quarter ended Sept. 30.

The shares of 3M were down $2.47, or 4.13 percent, to $57.38 even as the broader markets surged.

3M is looking at 500 more job cuts that will primarily affect the company’s international business, the company’s chief financial officer, Patrick D. Campbell, told analysts Monday at a presentation in New York.

The manufacturer now expects earnings for 2008 at about $5.10 to $5.15 a share, down sharply from its previous estimate of $5.40 to $5.48 a share. Wall Street’s average forecast was $5.43 a share, according to analysts surveyed by Thomson Reuters.

Mr. Campbell offered a grim perspective of the future, saying the company would do minimal share repurchases and careful planning “to make sure that we don’t get our inventories out of whack.”

3M has closed about 15 plants in the last 18 months and has drawn down inventory, cut capital spending and made other moves to cut costs.