Multinational company 3M has announced another step in its restructuring plan.
For Similar Content: Subscribe to Daily Newsletters
In a recent earnings statement, the company announced it would be eliminating 6,000 positions in an attempt to make 3M “stronger, leaner and more focused.”
These layoffs are separate from the 2,500 manufacturing job cuts the company announced in January 2023.
3M says the job cuts will impact all functions and geographies and will save the company upwards of $900 million annually.
According to CEO Mike Roman, 3M “will continue to prioritize investments in high-growth end markets where 3M science gives us a clear competitive advantage."
3M cites emerging growth areas as “climate technology, sustainable packaging, industrial automation, semiconductors, and next-generation consumer electronics.”
While the company’s sales dipped 9% year-over-year, they reported a first quarter profit of $976 million.
