3M To Cut 2,500 Jobs As Consumer Facing Businesses Face "Rapid Decline"
NDTV
A company spokesperson said there were no additional details on where the jobs are located, or in which sectors.
3M announced Tuesday it will cut 2,500 manufacturing jobs as the industrial giant reported lower profits and offered a lackluster 2023 outlook based on weakening demand.
The move comes as 3M, which operates in several sectors including health care, transportation and electronics, contends with a drop in pandemic-related sales of face masks or "respirators," and "rapid declines" in consumer-facing businesses.
The company also expects very low US growth in 2023 of about one percent, under the global average of 1.5 percent, Chief Executive Mike Roman said on a conference call with analysts.
"We expect macroeconomic challenges to persist in 2023," Roman added in an earnings press release.
