3M plans to cut around 2,500 manufacturing jobs worldwide
3M, a manufacturer of sticky notes, industrial coatings and ceramics, is shedding about 2,500 manufacturing jobs worldwide, or 10% of its workforce, according to Forbes.
The company announced last month that it will cease manufacturing per- and polyfluoroalkyl substances by the end of 2025. The so-called “Forever” chemicals are used in non-stick frying pans, water-repellent sports gear, stain-resistant carpets, cosmetics, and countless other consumer products.
3M Co. also reported fourth-quarter earnings of $541 million, or 98 cents a share. Adjusted earnings were $2.28 per share. That’s below the $2.34 per share forecast by analysts polled by Zacks Investment Research.
Based in St. Paul, Minnesota, the company’s sales during the period totaled $8.08 billion, beating Wall Street’s estimate of $8.04 billion.
Chairman and CEO Mike Roman said in a statement that 3M has seen a rapid decline in consumer-facing markets and a significant slowdown in China due to disruptions related to COVID-19. He said the company expects macroeconomic challenges to continue this year.
“In a year marked by inflation, global conflicts and economic slowdown, our team took action to position 3M for future success,” Roman said in a letter to investors.
Looking ahead to the full year, the company expects 2023 adjusted earnings per share to be between $8.50 and $9, up from $9.88 per share in 2022.
Shares lost 5.3% in afternoon trade.
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