3M posts weak sales, announces layoffs

SAINT PAUL, Minn. — 3M Co. reported that profits plunged by 27% in the fourth quarter, taking a hit from restructuring and legal costs. Net income declined to $970 million ($1.66 per share) from $1.35 billion a year ago. Sales rose by 2.1% to $8.1 billion, with gains only in the health care sector while sales consumer in the consumer category remained flat. At the same time, 3M announced the elimination of 1,500 jobs covering positions in all segments and regions.