3M to cut 2,000 jobs after slow start to 2019

The Maplewood company saw its sales drop 5 percent.
Author:
Publish date:

Minnesota Fortune 500 company 3M is slashing 2,000 jobs globally after an unexpected downturn in sales.

The Maplewood-based firm says it has "initiated restructuring" after posting lower-than-expected 1st Quarter results.

This, it says, will "result in an expected reduction of 2,000 positions worldwide with an estimated annual pre-tax savings range of $225 million to $250 million, with $100 million in the remainder of 2019."

3M – which manufactures a huge array of products for industries including aerospace, energy, health, mining and transportation – posted sales of $7.9 billion in Q1, a 5 percent drop on the previous year.

Analysts were expecting around $8.09 billion revenue, and this missed target caused the company's share price to fall 8.3 percent before the stock market opened.

3M is still making the job cuts in spite of the fact its 1st Quarter net profit was $891 million.

Follow Bring Me The News on LinkedIn

It's not clear yet where the job cuts will fall, but it did say it will "span all business groups, functions and geographies, with emphasis on corporate structure and underperforming areas of the portfolio."

3M has more than 90,000 employees worldwide, of which around 10,000 of them are in Minnesota.

The company laid off 1,500 workers in late 2015 after a similar decline in sales and profits.

Next Up

Adam Thielen

Vikings place Adam Thielen on COVID-19/reserve list

Thielen is coming off a two-touchdown game against the Cowboys.

MCF Oak Park Heights

COVID-positive inmate at Oak Park Heights prison dies

He becomes the fourth prison inmate to die from the virus.

Screen Shot 2020-11-23 at 1.08.19 PM

2-ton smoker stolen from Twin Cities chef Thomas Boemer

Boemer is the chef behind restaurants including the popular Revival.

Governor Tim Walz

Walz says relief package is coming for Minnesota small businesses

Walz is prepared to call a special session and pass the package immediately.

Governor Tim Walz

Watch live: Gov. Tim Walz COVID-19 press conference Monday

Walz will be introducing a new app that helps Minnesotans track COVID-19 exposures.

Related

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

The cuts will almost certainly have an impact on its Maplewood headquarters.

A week after announcing 2,000 job cuts, 3M to acquire company for $6.7B

The Maplewood firm announced the largest acquisition in its history.

3M says its Twin Cities HQ will go 100% renewable on Friday

It's committed to making the rest of its facilities powered by renewable energy too.

1024px-Regis_Salon_Briarwood

Regis Corp. announces 290 job cuts across U.S., Canada

The Minneapolis-based company has been making major changes to its business model.

Screen Shot 2020-03-22 at 2.52.00 PM

Coronavirus: 3M says it has doubled production of N95 respirators

The Maplewood company says its sending half a million to Seattle and New York.

US Bank

Job cuts coming to U.S. Bank branches, offices

The Minneapolis-based bank is currently amidst a cull of its branches.

Wells Fargo to cut 200 jobs as it closes payroll office in Bloomington

It's transferring its business payroll clients to ADP.