3M Co will cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics.
The company logo and trading information for 3M is displayed on a screen on the floor of the New York Stock Exchange in New York City, U.S., November 29, 2022. REUTERS/Brendan McDermidwill cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics.
The job-cut decision comes as an uncertain economy along with rising interest rates and stubbornly high inflation forces corporate America to get leaner in recent months. The company's consumer electronic business fell 35% in the first quarter, Chief Financial Officer Monish Patolawala said on a call with analysts.
The restructuring, which is expected to hit all functions, businesses, and geographies, is aimed at reducing management layers and the corporate center's size, the company said.a reduction of 2,500 roles. With the second round of job cuts, the company has now reduced its total global workforce by 10%.
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