Shares of Dow component 3M tumbled Thursday after the manufacturing giant reported a lower-than-expected quarterly profit, cut its 2019 earnings forecast and announced plans to lay off 2,000 workers.
The first-quarter results were hurt by a litigation-related pretax charge of $548 million, or 72 cents per share. The company struggled with sales in key markets. Sales in Asia-Pacific, its biggest market outside the U.S., fell 7.4%, while sales in Europe, the Middle East and Africa declined 9.4%. 3M's performance was in line with industrial peers before Thursday's plummet. PPG, a manufacturing company, is still up more than 13% for the year.
"The long-term reputation of this company is they're slow to restructure, and when they do, it's not enough."
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3M, the company that makes Scotch tape, is cutting 2,000 jobs3M, the company that makes Post-It notes and Scotch tape, is cutting 2,000 jobs around the world That won't stick Are Romy and Michelle safe? I won't be surprised if they have decided to outsource the manufacturing to China😢
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