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Share Name Share Symbol Market Type
3M Company NYSE:MMM NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -3.83 -1.85% 203.50 206.91 202.40 206.60 2,552,787 01:00:00

3M to Cut 2,900 Jobs in Restructuring, Aims for Annual Pretax Savings of $200 Million-$250 Million

03/12/2020 12:33pm

Dow Jones News


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By Colin Kellaher

 

3M Co. on Thursday said it would cut about 2,900 jobs around the world as part of a restructuring aimed at enhancing its operations and marketing capabilities.

The St. Paul, Minn., manufacturing and technology company said the actions would affect all business groups, functions and geographies and would result in a total pretax charges of $250 million to $300 million, with $120 million to $150 million of those costs to be booked in the fourth quarter of 2020.

3M expects the actions to ultimately result in annual pretax savings of $200 million to $250 million, including $75 million to $100 million of savings next year.

The company currently has more than 96,000 employees, according to FactSet.

3M said it is seeing significant opportunities from the new operating model that it launched earlier this year, adding that the coronavirus pandemic has increased the need for companies to adapt faster.

"As a result, we are taking further actions to streamline our operations, positioning us to deliver greater growth and productivity as global markets emerge from the pandemic," said Mike Roman, 3M's chairman and chief executive.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

December 03, 2020 07:18 ET (12:18 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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