Minneapolis — 3M said Friday it would cut 1,000 more jobs than had been announced, and reported a 13 percent drop in fourth-quarter earnings.
The diversified manufacturer of products like Scotch tape and Post-it Notes said the new cuts would be accomplished by leaving jobs vacant as employees retire.
The company also intends to eliminate 1,500 other jobs this year that were part of a restructuring cutback announced last May.
Minnesota Mining & Manufacturing Co. eliminated 6,000 positions in 2001.
"These are tough and unusual times and I don't see the negative global economic situation abating anytime soon," chairman and CEO W. James McNerney Jr. said.
3M's fourth-quarter earnings fell to $387 million, or 98 cents a share, from $447 million, or $1.12 a share, a year earlier.
The company earned $381 million, or 96 cents a share, up 17 percent from $326 million, or 82 cents a share.
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