3M To Cut 1,200 Jobs Worldwide

3M Co. plans to cut 1,200 jobs or about 1.5 percent of its global workforce in an effort to offset slumping business due to the global recession.

The industrial conglomerate, based in Minnesota, plans to cut several hundred jobs at its headquarters. However, less than half the jobs cuts are expected to take place in the U.S.

"All of the businesses are making business adjustments based on the current economic conditions," said 3M spokesperson Jacqueline Bell, according to the StarTribune.

Berry said that about 300 jobs would be eliminated in its transportation and industrial segments.

Some of the jobs cuts have were already made last week in the safety, security and production segments.

The company also said it will save about $200 million in 2009 from the delay of merit increases and changes in banked vacation days for employees.

The move follows the elimination of 2,400 jobs in the fourth quarter of 2008, a quarter in which revenue slipped 11.2 percent at the company. 3M expects to save $235 million in 2009 from those cuts.