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3M to cut 2900 Jobs Globally

3M to cut 2900 Jobs Globally

3M, an American MNC operating in the fields of industry, worker safety, US health care, and consumer goods, is planning to initiate restructuring actions that will lay off approximately 2,900 positions globally. The impact will be felt by all business groups, functions and geographies. 

 

According to a statement, as a result of these cost cutting measures, 3M anticipates annual pre-tax savings of $200 to $250 million with $75 to $100 million of pre-tax savings in 2021. 

 

Mike Roman, 3M chairman and chief executive officer said, "The COVID-19 pandemic has advanced the pace of change and disrupted end markets around the world, increasing the need for companies to adapt faster. At the same time, we are seeing significant opportunities from our new operating model which we launched at the start of the year. As a result, we are taking further actions to streamline our operations, positioning us to deliver greater growth and productivity as global markets emerge from the pandemic."

 

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