3M will cut jobs as part of a cost-savings plan: report
The number of jobs that may be in danger is not yet known. The company employs 95,000 people in various businesses
3M Co. will be eliminating jobs as part of a cost-savings plan in response to a slowing economy.
The news was revealed in an internal communication and reported by Bloomberg.
3M suffered a setback just days ago over a key legal strategy designed to mitigate mounting liabilities.
Michael Vale, head of 3M’s safety and industrial division, disclosed the planned cuts in a message to employees of the unit, reviewed by Bloomberg.
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3M's (also known as the Minnesota Mining and Manufacturing Co.) St. Paul offices. (Reuters / Reuters Photos)
It is not yet known how many jobs will be involved.
3M's businesses range from dental adhesives to Post-it notes, employing about 95,000 people at the end of 2021, according to securities filings.
The company announced in July it will spin off its healthcare operation.
Scotch tape manufactured by 3M is offered for sale at a big box retailer. ((Photo by Scott Olson/Getty Images) / Getty Images)
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Management also cut its full-year sales and profit outlook.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MMM | 3M CO. | 133.53 | +1.05 | +0.79% |
3M could also be facing billions of dollars in future costs tied to environmental liabilities and lawsuits alleging that it sold faulty combat earplugs to the US military that led to hearing damage.
The 3M logo is pictured on products at an Orchard Supply Hardware store in Pasadena, California. (REUTERS/Mario Anzuoni / Reuters Photos)
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3M’s attempt to use controversial bankruptcy rules to halt those claims was rejected by a bankruptcy judge last week.