. Those cuts are in addition to the 2,500 manufacturing roles 3M eliminated in January. 3M also announced several mass layoffs in 2019 and 2020, but total headcount has been up and down over the past several years. The company said it anticipates it will save up to $900 million a year before taxes after the layoffs are complete. 3M argued that the cuts are “intended to make 3M stronger, leaner and more focused” by simplifying its supply chain and reducing layers of management.
Sales slumped 9% to $8 billion, while net income attributable to the company tumbled 25% to under $1 billion in the quarter. The company said it would prioritize products that customers are increasingly demanding, including climate tech, sustainable packaging and automated industrial products, among other emerging technologies. 3M also reaffirmed its previous outlook for 2023, anticipating sales would fall by as much as 6% this year.
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