3M is laying off 1,500 employees as it tries to stay competitive

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3M is cutting some jobs.

The St. Paul-headquartered company released its third-quarter results Thursday morning, reporting sales of $7.7 billion – that's down 5.2 percent from the same quarter last year.

But nestled within the announcement, 3M noted it's laying off 1,500 workers worldwide as part of a restructuring plan. The goal is to "further strengthen" the company's "competitiveness."

The release doesn't go into details about where the job cuts are happening, other than saying it's focused on reductions in structural overhead. But the Star Tribune notes about 500 of the layoffs are expected to be in the U.S.

The move will save the company an estimated $130 million before tax in 2016, the release says.

The company says it has 89,800 employees worldwide.

Even with the reported decline in sales, Market Watch said the results actually beat expectations.

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