3M: plans 2,900 job cuts in restructuring

(CercleFinance.com) - 3M is streamlining its business, focusing on markets where the company is better positioned, such as personal safety, healthcare, automotive electrification, and home improvements.


The restructuring, which will see the company de-prioritize investments in markets where growth is slower, would result in 2,900 layoffs, the US diversified manufacturer said.

3M has over 90,000 employees worldwide.

The conglomerate, which cites the impact of the Covid-19 pandemic, said it will eliminate redundancies and better use analytics to imrprove efficiencies.

As a result, the company expects to book 250-300 million dollars of charges, with 120-150 million dollars in the fourth quarter.

3M said it expects to make annual savings of 200-250 million dollars thanks to these actions.

Copyright (c) 2020 CercleFinance.com. All rights reserved.