3M cutting about 2,500 manufacturing jobs globally

By AP News

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3M, maker of Post-it notes, industrial coatings and ceramics, is cutting about 2,500 manufacturing jobs worldwide as it looks to align itself with adjusted production volumes

3M Job Cuts

3M, maker of Post-it notes, industrial coatings and ceramics, is cutting about 2,500 manufacturing jobs worldwide as it looks to align itself with adjusted production volumes.

The company announced last month that it will exit per- and polyfluoroalkyl substance manufacturing by the end of 2025. The so-called forever chemicals are used in nonstick frying pans, water-repellent sports gear, stain-resistant rugs, cosmetics and countless other consumer products.

3M Co. also reported fourth-quarter earnings of $541 million, or 98 cents per share. Its adjusted profit was $2.28 per share. That's below the $2.34 per share that analysts polled by Zacks Investment Research predicted.

Revenue for the St Paul, Minnesota-based company totaled $8.08 billion in the period, beating Wall Street's estimate of $8.04 billion.

Chairman and CEO Mike Roman said in a statement that 3M experienced rapid declines in consumer-facing markets and a significant slowdown in China due to COVID-19-related disruptions. He said the company anticipates macroeconomic challenges continuing this year.

Looking ahead to the full year, the company expects 2023 adjusted earnings per share of $8.50 to $9, versus $9.88 per share in 2022.

Shares fell 4.7% before the market open.

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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