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.
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.