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 Maplewood, Minnesota headquartered company announced in December that it will exit per- and polyfluoroalkyl substance, so-called “forever chemical”, manufacturing by the end of 2025. 3M Co. also reported fourth-quarter adjusted profit was $2.28 per share that missed Street estimates.
The company said sales have slowed, and they were missing profit targets as reason for the cuts.
3M reported a profit of $541 million, or 98 cents a share, down from $1.34 billion, or $2.31 a share, a year earlier according the Minneapolis-St. Paul Business Journal.
"We expect macroeconomic challenges to persist in 2023," 3M CEO Mike Roman said in a statement. "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."
Roman also said the company saw losses due to a “significant slowing in China due to COVID-related disruptions”.
3M is one of Minnesota’s largest companies, with 93,516 employees.
The Associated Press contributed to this story.
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