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3M will go further in cuts

Imation must now be in the frame

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The Minnesota, Mining and Manufacturing company -- 3M -- is to cut another 500 jobs by the end of the year. That could well put subsidiary Imation in the frame as a spun-off company. That is more than it predicted. It will now slash nearly 5,000 jobs by year end and will take a charge of nearly half a billion dollars to help cut its expensions. But 3M, which owns storage firm Imation, said that it expects to make more money in the near future. The company said it will cut jobs worldwide and will review product lines that do not fit its profile. That could include subsidiary Imation, which so far has failed to knock Iomega, and its Zip drives off the top slot. ®

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