3M Cutting About 2,500 Manufacturing Jobs Globally

The Associated Press
By The Associated Press
January 24, 2023Businessshare
3M Cutting About 2,500 Manufacturing Jobs Globally
The logo for 3M appears on a screen above the trading floor of the New York Stock Exchange on Oct. 24, 2017. (Richard Drew/AP Photo)

3M, maker of Post-it notes, industrial coatings, and ceramics, is cutting about 2,500 manufacturing jobs worldwide as it looks to align itself with adjusted production volumes.

The company announced last month that it will exit per- and polyfluoroalkyl substance manufacturing by the end of 2025. The so-called forever chemicals are used in nonstick frying pans, water-repellent sports gear, stain-resistant rugs, cosmetics, and countless other consumer products.

3M Co. also reported fourth-quarter earnings of $541 million, or 98 cents per share. Its adjusted profit was $2.28 per share. That’s below the $2.34 per share that analysts polled by Zacks Investment Research predicted.

Revenue for the St Paul, Minnesota-based company totaled $8.08 billion in the period, beating Wall Street’s estimate of $8.04 billion.

Chairman and CEO Mike Roman said in a statement that 3M experienced rapid declines in consumer-facing markets and a significant slowdown in China due to COVID-19-related disruptions. He said the company anticipates macroeconomic challenges continuing this year.

Looking ahead to the full year, the company expects 2023 adjusted earnings per share of $8.50 to $9, versus $9.88 per share in 2022.

Shares fell 4.7 percent before the market open.

By Michelle Chapman

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