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Layoffs and buyouts continue as the weak economy persists. Two industrial companies announced further staff reductions this week.
3M, St. Paul, MN, said it would offer early retirement packages to 3,600 employees in the U.S., about 11% of its total U.S. workforce, according to a report published by the St. Paul Pioneer Press. The announcement comes a week after the diversified manufacturer reported it would be laying off 1,200 employees, primarily outside the U.S.
Lawson Products Inc., Des Plaines, IL, announced it would eliminate 150 positions - about 11% of its workforce - by the end of the second quarter 2009. In addition, the industrial distributor will close its Dallas, TX, distribution center in response to economic conditions.
Lawson announced in March that it close its distribution center in Charlotte, NC. The company expects to see a combined annualized savings of between $10 million and $12 million as a result of the cost reduction measures.