According to the Associated Press, 3M has announced plans to reduce its worldwide work force by 1,200 due to the global economic slump.

At the request of the Obama administration, Rick Wagoner has stepped down as chairman and CEO of General Motors, effective immediately.

Bayer MaterialScience, Leverkusen, Germany, has announced plans to invest €20 million in a new aromatic and aliphatic polyisocyanate manufacturing facility ink India as part of its strategy to grow its business in the country and strengthen its position as a market leader in the supply of polyurethane raw materials.

In an effort to better serve the batch, custom and specialty chemical industry, SOCMA members voted on March 19th to change the organization’s name from the Synthetic Organic Chemical Manufacturers Association to the Society of Chemical Manufacturers and Affiliates.

According to this AP article, General Motors began the process of reducing its white-collar workforce by laying off 160 employees - mostly engineers - on Tuesday.

Industrial Copolymers, a Lancashire, UK-based manufacturer of high-performance resins and polymers for the coatings, adhesives and sealants industries, has announced it will trade under the name Incorez effective April 1, 2009.

Suncor Energy Inc. and Petro-Canada have announced an agreement to merge the two companies.

The House has passed a bill levying a heavy tax on bonuses paid to employees at companies that have received at least $5 billion in government bailout money.

Citing ever-increasing losses, the U.S. Postal Service has postponed the release of the fourth set of stamps in its “Flags of Our Nation” series until 2010.

Eastman Chemical Co. has announced plans to reduce costs by more than $100 million in response to the ongoing global economic recession.