(New York) The American industrial conglomerate 3M, which produces medical equipment, abrasive rollers and post-its, announced a new wave of massive layoffs on Tuesday, when it published its quarterly results.
3M will undertake “restructuring actions,” it said in its statement, which is expected to affect “all functions, businesses and geographies, and will impact approximately 6,000 positions, in addition to the reduction of 2,500 production positions announced in January,” the group said in its press release.
3M said earlier this year that it was bracing for economic challenges in 2023. “We expect macroeconomic challenges to persist in 2023,” CEO Mike Roman said at the time.
According to 3M, this operation should allow a total savings of 700 to 900 million dollars. At the end of 2021, the company employed approximately 95,000 people.
In terms of results, from January to the end of March, 3M’s revenue fell 9% to $8 billion, above the consensus of analysts polled by Factset.
Earnings per share – which refers to Wall Street – also fell sharply to $1.97. However, this is more than anticipated by the market.
The group continues to expect organic sales to drop 2 to 6% in 2023, for earnings per share of between $8.5 and $9.
In electronic trading before Wall Street opened, the company’s stock gained nearly 1.4% to $106.5.
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