3M To Cut 1,500 Jobs, Save $40-$50 Million

3M

PHOTO CREDIT: 3M

Megacorporation 3M will be cutting 1,500 jobs according to this USA Today report. 3M claims these cuts are necessary as it takes measures to streamline their business. As we all know the only thing ‘necessary’ in business is keeping Wall Street happy.

3M, a global industrial, health care and consumer goods conglomerate, says that it will cut roughly 1,500 jobs in a bid to streamline its business.

The cuts will span “all business groups, functions and geographies,” according to the company’s earnings report for the fourth quarter that ended December 31.

3M’s pre-tax savings in the wake of restructuring will range from $40 million to $50 million this year, and $110 million to $120 million from then on annually.

The company saw growth during the final three month period of 2019, with sales rising 2.1% compared to the same period in the previous year. Health care was particularly robust, with sales increasing more than 25%, while transportation and electronics sales slid 6.2%.