3M is laying off employees and watching its stock price tumble. But BusinessWeek investment columnist Gene Marcial says it’s worth sticking with 3M. The company is among the most innovative in the world, he writes, spending about $1 billion a year on R&D. It also has a huge cash reserve — $3 billion right now — and a history of using that rainy-day money for acquiring companies during recessionary times.
Of course, that’s little consolation to the as many as 1,800 employees who are expected to lose their jobs with the company this winter. 3M said Friday it will shed that many positions during the fourth quarter, as well as freeze some pay increases and force certain employees to take unpaid time off during December. A spokeswoman told the Pioneer Press she did not know how many Twin Cities employees would be affected.