Maplewood-Based 3M To Cut 6K Jobs Amid Slumping Sales

MAPLEWOOD, MN — Maplewood-based 3M on Tuesday announced it will eliminate 6,000 jobs globally as it looks to restructure amid slumping sales.

The news follows January's announcement that 2,500 global manufacturing roles would be reduced. The multinational conglomerate expects to save $1,600 million once the restructuring is complete.

"In the first quarter we continued our relentless focus on serving customers and aggressively managed costs," said 3M chairman and CEO Mike Roman in a news release.

"Market trends were as we expected, and we made changes to improve our operations and position us for success as supply chains improve."

3M generated 8 billion year on year, which is down 9 percent from the previous time period. Its stock has fallen about 15 percent since the start of 2023.

The company told shareholders Tuesday that the restructuring actions are intended to make 3M "stronger, leaner and more focused" by simplifying its supply chain and reducing layers of management.

3M is just the latest U.S. corporation to announce layoffs.

In March, employers reportedly moved to lay off nearly 90,000 workers. In the tech sector, which hired aggressively during the pandemic, Q1 job cuts were a staggering 38,000 percent higher than in Q1 2022.