Manufacturing giant 3M announces global layoffs, affecting 6,000 employees globally, 1,100 at its Maplewood HQ.
Layoffs
3M's layoff move aims to achieve annual savings of $700 million to $900 million, strengthening its financial position.
Cost-Saving Measures
In preparation for a healthcare spinout, 3M undertakes company-wide restructuring, resulting in layoffs.
Big Changes
3M's layoffs are a strategic step to cut costs and enhance profitability in a competitive market environment.
Focus on Profitability
Over 500 jobs in Minnesota to be affected by the layoffs, impacting both its corporate and local workforce.
Impact on Minnesota
With this latest round, 3M has initiated 8,500 job cuts since announcing 2,500 layoffs in January 2023.
Multiple Rounds of Layoffs
The layoffs comprise 9% of 3M's 92,000-strong global workforce, signaling significant structural changes.
9% Workforce
These layoffs will result in substantial pre-tax charges of $700 to $900 million, affecting the company's finances.
Financial Impact
3M's strategy behind the layoffs is to transform into a more streamlined, focused organization for future growth.
Restructuring Goals
Sales have continued to decline for five consecutive quarters, with Q1 2023 sales showing a 9% YoY decrease.
Cuts Impact
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