3M To Lay Off About 2,500 Employees Due To 2023 Economic Outlook

By WCCO Staff, CBS Minnesota

January 24, 2023

One of Minnesota's largest employers announced that they intend to cut about 2,500 jobs in the near future.

The news comes following the announcement of fourth-quarter and full-year results, and with a look ahead to the 2023 financial outlook. Shares fell 4.7% before the market open.

"We posted organic growth of 0.4 percent -- versus our expectation of 1 to 3 percent -- adjusted margins of 19.1 percent, and adjusted earnings of $2.28 per share. The slower-than-expected growth was due to rapid declines in consumer-facing markets," 3M chairman and CEO Mike Roman said. "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."

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