3M to Cut 2,500 Manufacturing Jobs
January 24 2023 - 6:18AM
Dow Jones News
By Colin Kellaher
3M Co. on Tuesday said it plans to cut about 2,500 manufacturing
jobs around the world, as the conglomerate braces for macroeconomic
challenges this year.
The St. Paul, Minn., company said the job cuts, which are based
on what it is seeing in its end markets, are needed to align with
adjusted production volumes.
3M joins a raft U.S. companies that are slashing staff at the
start of the year amid waning demand and weaker revenue.
3M, which has about 95,000 employees according to data from
FactSet, said it expects to book a pretax restructuring charge of
$75 million to $100 million in the first quarter.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 24, 2023 07:03 ET (12:03 GMT)
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