3M to cut 6,000 positions globally as it restructures amid waning demand
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3M anticipates annual pre-tax savings of US$700 million to US$900 million upon completion of the cost-cut actions.
PHOTO: REUTERS
ST PAUL, Minnesota – 3M said on Tuesday it would cut about 6,000 positions globally, as the United States industrial conglomerate looks to restructure its business amid waning demand and increasing costs.
“We announced actions that will reduce costs at the corporate centre, further simplify and strengthen our supply chain structure, and streamline our go-to-market business models, which will improve margins and cash flow,” said 3M chief executive Mike Roman.
3M anticipates annual pre-tax savings of US$700 million (S$936 million) to US$900 million upon completion of the cost-cut actions.
It reported an adjusted profit of US$1.97 per share for the quarter ended March 31, down from $2.63 per share a year earlier. REUTERS
