3M to cut almost 3,000 jobs worldwide in restructuring
3M announced on Thursday that it would be cutting 2,900 jobs worldwide as part of its latest restructuring plan.
The industrial conglomerate expects to record a pre-tax charge of $250 million to $300m as a result of the restructuring.
All its business units would experience cuts with around 3% of the total workforce directly impacted.
“The COVID-19 pandemic has advanced the pace of change and disrupted end markets around the world, increasing the need for companies to adapt faster,” Chief Executive Mike Roman said.
In January, the conglomerate laid off 1,500 employees as it struggled with the trade war between China and the United States.
3M's stock was down by 2.5% for the year-to-date with its shares flat in premarket trading.