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LEARN MOREPosted: 9:03 p.m. EDT Apr 25, 2023
3M Co. announced Tuesday that the company plans to cut an additional 6,000 jobs globally as it "aggressively" manages costs. In January the company announced it would reduce its workforce by cutting 2,500 manufacturing jobs globally.
The company expects to save $700 million -$900 million before taxes for the year by making the cuts.
3M CEO Mike Roman blamed expected "market trends" and said the company is still waiting on supply chains to improve.
The company wants to "further simplify and strengthen" its "supply chain structure" and focus on its "go-to-market business models, which will improve margins and cash flow," Roman said.
The restructuring plan was announced as the company released first-quarter earning results that were higher than analysts had expected.
The group FactSet said analysts expected the company to report earnings at $1.58 per share, but 3M's shares report came out at $1.76 per share. During the same period last year the company was valued at $2.26 per share.
3M's CFO Monish Patolawala attributed a 35% decline in the company's electronics business to a lower demand for smartphones, televisions and tablets.
3M's restructuring plan includes the goal of reducing the size of its corporate center, an effort to simplify supply chains and a plan to reduce layers of management.
