A long discussion thread. Thoughts?

https://seekingalpha.com/news/3884934-3ms-appeal-of-bankruptcy-court-ruling-is-key-development-bank-of-america-says

LANSING, MI — Wolverine Worldwide and 3M will pay $54 million to Michigan property owners harmed by PFAS contamination under a proposed settlement in a class action case filed in the wake of the pollution discovery five years ago. If approved by a... — read more 

Heard directly from a COC member’s mouth last month (confidentially and behind closed doors): “We need to shrink the center of the company significantly.” They already have names and titles in place for rounds of planned layoffs in Q1. They are... — read more 

If you have the facts on your side, pound the facts; if you have the law on your side, pound the law; if you have neither the facts nor the law, pound the table. Thus far, Kevin Rhodes, 3M’s Chief Legal Affairs Officer, has done nothing but *pound... — read more 

Pip has been around a while. Some bosses use it to document cases when they expect the employee to get fired, trying to cya if sued. Others pull them out only when being pressured to find someone to let go. In these cases, a pip is a career death... — read more 

Is it just me or are they laying people off daily but since they're doing it in small batches in different departments and locations nobody is noticing? We've seen several posts here about specific cuts in the past few weeks and I've heard of some... — read more 

How is there still no CEO named for the spin-off? If you look at historical data around other spin-off announcements all announced a ceo the same time as intent to spin. Yet nothing over here almost two months later? How can structures and decisions... — read more 

When do we embrace the red?

Haven't heard if the grim reaper has made his callings at cottage grove, Hutchinson, etc. Or if those places have been spared since attriction has already decimated the ranks. CRL needs a purging at LG14 and above and stop firing just the techs. — read more 

31 minute audio in addition to text is available. Data Source https://seekingalpha.com/article/4541032-3m-company-mmm-morgan-stanley-10th-annual-laguna-conference-transcript?utm_medium=email&utm_source=seeking_alpha

The settlement news yesterday was good. But just before those settlement talks, 3M executives were making statements to investors and financial analysts indicating that they are still clinging to the belief that they can settle the litigation in the... — read more 

Source: InvestingPro Closing: 116.52 Market Cap (total value of a publicly traded company's outstanding common shares owned by stockholders): 64.51 billion Bottom Line The recent sell-off in MMM stock indicates that this industrial giant is in... — read more 

The area/regional managers like to use this tactic.

The company is sinking and all they are doing is rearranging the deck chairs on the Titanic. We are screwed with this lot in charge.

If SAP was designed to ruine business, learning Tracks is designed to ruine people

My boss won't meet with me, I do mostly busy work, no raise or promotion in years. It's like she wants me to leave so she won't have to lay me off and pay a severance. Has anybody else noticed this behavior?

is there a new game plan

not rumors any more,, Unnamed North Europe plants to shut 2023. Could be Q1 2023 after VP EMEA P.O. has upcoming visits to determine which plants to close.

Over 20 percent from the already depressed 145 it was at. What's next?

The plaintiffs seem to think that getting more big jury awards in Rodgers court somehow helps them. But they don't matter now. All that matters is what happens with the Aearo bankruptcy. And the J&J precedent there is very strong. More... — read more 

3M has some 553 million shares paying close to 6 dollars a year in dividends. That's about 3.3 billion paid out per year. The logical offer 3M should make is to suspend the divy for 3 years and give the 10 billion as a settlement. As for the stock... — read more 

September 19, 2022 Update There was no settlement from the settlement talks last week. September 16, 2022 Update *As the parties begin Day 2 of court ordered settlement talks, the number of lawsuits listed as active and pending in the 3M Earplugs... — read more 

It could be happening soon

For anyone to think that trial lawyers can claw back anything you've gained, especially lump sum pensions, shows how dense some people are to listen to rumors. Now, of course future pension payments are always subject to company performance, if... — read more 

I have talked to many, many people with 3M pensions, and they have all come to terms with likely losing them in 3M bankruptcy. I worked there 40 years and get $6000 a month, which I know I will lose. There is NO WAY 3M or the 'victims' will ever... — read more 

Have a job, send kids to college then retire. How dare you take all those from me?

2 person took 4 years to ruining it

All these directors with almost no direct reports just making ppt slides , doing no actual work while the sales team cant even visit customers? Now theyre announcing “segment wins” to take sales team credit?? Laying off great people just to keep... — read more 

Can we be positive for a minute? Have you heard or know any good news?

2-3 Billion spent on SAP….no ROI. Anyone involved with the debacle needs to go.

Product liability is a term used to describe the legal liability of manufacturers or sellers of goods to compensate buyers, users and even bystanders for damages or injuries suffered because of defects in goods purchased. Product liability law is the... — read more 

I've been looking for a new job for the past several months, sort of testing out the waters, and I'm not happy with what I'm finding. The number of jobs in our industry has gone down significantly. I've managed to get a few offers, but they are far... — read more 

https://news.bloomberglaw.com/environment-and-energy/3m-loses-government-contractor-defense-in-pfas-litigation Quote: A Bloomberg Intelligence analysis found that total liabilities for 3M could reach $30 billion.

Someone please pose this question directly to Mikey during the Q3 earnings call.

I understand the lawyers for the veterans are now sending letters warning 3M pensioners not to spend their lump sum payments because the 'heroes' are 'entitled' to their compensation!! Needless to say we are all freaked out getting these letters... — read more 

Monish was at the investor conference. Last time Mike was around was for the clusterf××× executive huddle. Did I miss something? Not that he has anything worth saying but good leaders don't hide when bad things are happening

Wonder what would be the actions taken after consulting with MARS? Major layoffs to get rid of the area org ?

This has been done in other comparable companies. Time to do it 3M. We don't need a huge bloated structure of failed technical folks who join management ranks to get the quick and early promotions. Few hundreds of middle managers in St Paul... — read more