Tuesday morning, Minnesota-based company 3M announced it will be cutting about 2,500 manufacturing jobs around the world.
The announcement came in the company’s fourth-quarter and full-year report for 2022, as well as its outlook for 2023.
3M did not immediately specify when those job cuts would begin.
Mike Roman, the chairman and CEO for 3M, said the company’s team “took actions to position 3M for future success” during 2022, citing inflation, conflicts around the world and the economy.
“We managed our portfolio – including the divestiture of our Food Safety business, planned spin-off of our Health Care business, and commitment to exit PFAS manufacturing by the end of 2025 – while continuing to work towards a mediated resolution for Combat Arms litigation. We invested in growth and productivity, while following through on sustainability commitments.”
Roman went on to say the company expects challenges to continue this year.
“Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders. Based on what we see in our end markets, we will reduce approximately 2,500 global manufacturing roles – a necessary decision to align with adjusted production volumes.”
According to Roman, the company’s organic growth increased by 0.4%, when they expected it to grow between 1-3%. In the report, Roman says the slow growth was due to declines in consumer-facing markets, as well as COVID-19 related disruptions causing slowing in China.