3M execs are cutting costs, but flying high

  • Article by: SUSAN FEYDER , Star Tribune
  • Updated: February 4, 2012 - 3:30 PM

The company says far-flung operations make it necessary to replace its jet fleet.

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jerryaldiniFeb. 4, 1211:13 PM

Critics of corporate air fleets are usually ignorant of business in general. They have no understanding of the time/money quotient and how business information, relationships and decisions need to compressed as much as possible, especially on a global scale like 3M.

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jcinbpFeb. 5, 1212:05 AM

All of that cash on hand last summer and now we find out they've been shedding employees all this time. And we have yet to hear about the consolidation of staff after the aquisition of Avery Retail. By the way, the blue painting tape they so proudly tout leaks. My wife found that out tonight. Spent 2 hours cleaning up the mess

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chuckdancerFeb. 5, 12 2:38 AM

..."At the end of 2010, more than 60 percent of 3M's 80,000 employees worked in foreign countries, and last year most of the company's capital spending was outside the United States."... ********************************** *********************************************** Bring those jobs back to America and get rid of the stinking luxury airplanes.

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sawmanFeb. 5, 12 3:11 AM

They look very sleek and economical too.

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toolman28Feb. 5, 12 5:52 AM

Had the chance to fly on a G550 a couple of times - sweet plane and NO TSA

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aonealphaFeb. 5, 12 6:23 AM

Why should it matter what the employees think? This money does not come out of their pockets; rather it is shareholder money that is being used. 3M Company could provide a better return to shareholders without private jet expense. But if the shareholders are OK with this, then it will likely continue.

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shushyn78Feb. 5, 12 6:52 AM

All you can do is keep voicing your displeasure and perhaps the board will listen. In the meantime, maximize your own profit on company stock And take the buyouts. The future may not be so lucrative.

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localguyFeb. 5, 12 7:35 AM

Employee morale is crucial to business success. A work force that feels respected by management and is proud of where they work is far more productive. They're also the source of many of the innovations that improve efficiencies. And they're the face of the company to the general public, who influence legislators and regulators. Smart managers know that good employees are far more than just replaceable cogs in a big machine. That's why business magazines publish "Best Places to Work" lists annually.

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tpbergerFeb. 5, 12 8:11 AM

Corporate Aircraft are a good investment. Do we really want the executives of our Fortune 500 companies wasting their valuable time waiting in TSA lines and waiting in aiports for delayed flights? It's the time value of money. Maybe one of the reasons 3M continues to be one of Minnesota's greatest companies is because they know this already.

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lewylewyFeb. 5, 12 8:40 AM

Don't expect members of 3M's Board of Directors to clamp down on aviation fleet spending. How do you think they get to their quarterly board meetings? Right, 3M flies them to/from St. Paul - in their fleet of Gulfstreams.

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