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HomeLatest News3M announces layoff of up to 2,500 workers after falling profits

3M announces layoff of up to 2,500 workers after falling profits

Date: May 30, 2023 Time: 22:36:03

The industrial giant 3M adds to the massive layoffs already carried out by big technology, which until now had mainly affected technology companies. Thus, the American company based in Minnesota announced on Tuesday the layoff of 2,500 industrial workers around the world. This is the biggest downsizing undertaken by the company in a decade, which has more than 90,000 employees. “We expect the macroeconomic challenges to persist in 2023”, during the president and CEO of 3M, Mike Roman, the presentation of the annual accounts of the multinational.

In the global manufacturing area

“Based on what we see in our end markets, we will reduce approximately 2,500 global manufacturing roles, a necessary decision to align with adjusted production volumes,” he added. At the end of the year, 3M had a net attributable profit of 5,777 million, which is equivalent to a decrease of 2.4% compared to the result of 2021.

On its side, the company’s turnover decreased by 3.2%, to b31,457 million euros. Between October and December, 3M’s attributable profit fell 59.6%, to 497 million euros, while sales fell 6.2%, to 7,425 million euros.

“In a year impacted by inflation, global conflicts and a weakening economy, our team took steps to position 3M for the future,” said Roman, referring to the sale of the food safety business, spin-off of the service area and the medical commitment to abandon the manufacture of perfluoroalkyl and polyfluoroalkyl substances (PFAS), known as ‘forever chemicals’, by the end of 2025.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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