MMM

By Colin Kellaher

3M Co. on Tuesday said it plans to cut about 2,500 manufacturing jobs around the world, as the conglomerate braces for macroeconomic challenges this year.

The St. Paul, Minn., company said the job cuts, which are based on what it is seeing in its end markets, are needed to align with adjusted production volumes.

3M joins a raft U.S. companies that are slashing staff at the start of the year amid waning demand and weaker revenue.

3M, which has about 95,000 employees according to data from FactSet, said it expects to book a pretax restructuring charge of $75 million to $100 million in the first quarter.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 24, 2023 07:03 ET (12:03 GMT)

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