3M to cut 1,500 jobs after poor financial results

The cuts will almost certainly have an impact on its Maplewood headquarters.
3M Maplewood HQ iStock

3M has announced it will make 1,500 job cuts after reporting poorer-than-expected 4th-quarter earnings.

The Fortune 500 company, known for products including Scotch tape and Post-It notes but whose business is in a huge range of categories, says the restructuring will span "all business groups, functions and geographies."

However, it will likely have a significant impact on its Minnesota staff members given it's headquarters are in Maplewood.

It comes after its Q4 earnings came in lower than expected, though the company still made profits of $969 million, though this is down from $1.35 billion a year ago. 

It's the second year in a row the company has announced a major job cull in January, with 2,000 cuts announced last year.

The company employed around 93,500 workers globally as recently as 2018.

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“3M continues to transform how it operates and build a more customer-driven and streamlined organization for the future,” said Mike Roman, 3M chairman and CEO on Tuesday morning.

"The latest phase of our transformation journey is designed to improve growth and operational efficiency, and will enable us to create even more value for our customers and shareholders. This is a defining moment in how we run our company, and positions 3M for success in the years ahead."

The company says it expects pre-tax savings of $110-$120 million because of the restructuring, with $40-$50 million of those savings being realized this year.

3M's corporate headquarters are found at 2501 Hudson Road in Maplewood.

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