US manufacturer 3M says to cut 2,000 jobs on slowing demand

phys.org | 7/31/2018 | Staff
gbabii05 (Posted by) Level 3
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US industrial products manufacturer 3M announced Thursday it will cut 2,000 jobs worldwide, citing weakness in key markets that led to a drop in first-quarter sales.

3M, which makes a wide variety of industrial goods and tools as well as everyday items such as the ubiquitous stick-and-remove Post-It notes, also slashed its full-year profit forecast.

Sales - Percent - Drop - Asia - Pacific

Total sales fell five percent to $7.9 billion and included a 7.4 percent drop in Asia Pacific and a 9.4 percent decline in Europe, the Middle East and Africa.

Most of 3M's business segments lost sales in the first quarter, with the steepest declines in industrials, products that include structural adhesives, insulation components, electronics and energy.

Job - Cuts - Savings - Business - Groups

Job cuts, which will result in annual savings of $225-250 million, will span all business groups, with an emphasis on "underperforming areas," the company said. 3M had 93,516 employees at the...
(Excerpt) Read more at: phys.org
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