3M Co (NYSE:3M) is offering early retirement incentives to 4,900 employees and expects about 15 percent to participate in the program, a spokeswoman for the diversified U.S. manufacturer said on Wednesday.
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"We are responding to the current economic situation by aggressively controlling costs and conserving cash," said spokeswoman Jacqueline Berry.
3M began to curb spending in the third quarter through a hiring freeze and reduced travel, she added.
The company has about 80,000 employees worldwide, according to its website.