3M to Cut 2,500 Manufacturing Jobs as US Economic Outlook Sours
The large U.S. manufacturer 3M said that it intends to cut more than 2,000 jobs as the economic outlook signals more turbulence this year.
The St. Paul, Minnesota-based industrial and consumer goods maker had about 95,000 employees at the end of 2021, according to securities filings.
The company’s CEO, Mike Roman, said he plans to cut about 2,500 manufacturing jobs, citing persistent economic hurdles and because of a poor annual profit forecast for 2023 that fell short of Wall Street estimates.
Fourth-quarter 2022 adjusted earnings per share and the adjusted operating margin for the same period also fell below most analysts’ estimates.
Such disappointment was reflected in the company’s stock price tumbling as much as 4.7 percent before the start of regular trading on Wall Street, reported Bloomberg….