3M CEO says security, traffic combination to cut 300 jobs

Thu Jan 24, 2013 9:36am EST

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(Reuters) - Diversified U.S. manufacturer 3M Co will cut about 300 jobs as it combines its security and traffic safety units, one of Chief Executive Inge Thulin's first moves to improve the profitability of underperforming units.

The company expects to take $8 million in one-time charges in the first quarter as a result of that combination, with total first-quarter charges coming to $30 million, Thulin told investors Thursday on a conference call.

(Reporting By Scott Malone; Editing by Gerald E. McCormick)