3M to Cut 1,500 Jobs as Part of ‘Transformation Journey’
3M reported sales declined nearly two percent last year.
MAPLEWOOD, Minn.–Minnesota-based 3M is eliminating 1,500 jobs in what it says is the next step in its “transformation journey.”
The company says it is restructuring as it moves to a new global operating model and streamlined organizational structure.
3M took a pre-tax restructuring charge of 134 million dollars in the fourth quarter of 2019.
The company expects eliminating the positions will lead to an annual pre-tax savings of 110 to 120 million dollars in 2019 with 40 to 50 million dollars in 2020.
3M also reported sales declined nearly two percent last year.