3M to chop 2,900 jobs in restructuring

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© Reuters. FILE PHOTO: The 3M World Headquarters in Maplewood, Minnesota

(Reuters) – 3M Co stated on Thursday it will lower about 2,900 jobs globally and cut back on investments in slower-growing markets as a part of a restructuring that’s anticipated to result in pre-tax financial savings of as much as $250 million.

The corporate stated it expects to document a pre-tax cost of $250 million to $300 million because of the transfer, with $120 million to $150 million to be incurred within the fourth quarter of 2020.

“The COVID-19 pandemic has superior the tempo of change and disrupted finish markets all over the world, growing the necessity for firms to adapt quicker,” Chief Government Officer Mike Roman stated.

3M stated the restructuring actions would permit it to reap the benefits of international market developments in e-commerce, well being care, automotive electrification and residential enchancment.

The corporate had 96,163 workers as of Dec. 31, 2019.

The corporate stated it expects the restructuring to lead to annual pre-tax financial savings of $200 million to $250 million, with $75 million to $100 million in 2021.

(This story corrects paragraph 1 to say cost-savings of as much as $250 million, not $350 million and paragraph 6 to say annual pre-tax financial savings, not this 12 months)

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