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3M plans job cuts despite posting higher earnings

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St. Paul, Minn.-3M Co. Monday reported higher first-quarter earnings, but said it would cut about 5,000 jobs, or 7% of its work force, in a restructuring over the next 12 months. About half of the job cuts will be outside the U.S. The company said it would take a $600 million restructuring charge in the coming quarters. 3M earned $467 million, or $1.16 a share, compared with $456 million, or $1.13 a share, a year earlier. Sales rose from $4.05 billion to $4.17 billion.
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