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3M Offering 3600 Workers Early Retirement packages

3M is offering 3,600 people, 11 percent of its U.S. work force, an early retirement package as part of their ongoing efforts to reduce costs.

The voluntary buyout is directed towards nonunion U.S. employees who are either 59 years old and have five or more years of company service or 55 years old with at least 30 years of service.

3M spokesperson Jacqueline Berry told the Associated Press that employees will be notified of the package on Thursday. They will have until May 31 to decide.

3M cut over 2,400 jobs in 2008 and have already cut 1,200 from its international labor force in 2009. The buyouts come as the next cost-saving step. The company has already saved $235 million.

Currently 57 percent of 3M’s workforce is outside the United States, and the company now earns about two –thirds of its business overseas. (Pioneer Press)