Connect with us

Hi, what are you looking for?

BUSINESS

3M cuts 6,000 jobs worldwide to boost cash flow.

On Tuesday, 3M Co (MMM.N) announced it would reduce 6,000 jobs worldwide to focus on high-growth industries, including automotive electrification and home renovation.

In recent months, an uncertain economy, increasing interest rates, and soaring inflation have forced corporate America to cut costs.

As persistent inflation curbs discretionary spending, 3M, which develops smartphone and tablet screens, has struggled. ‘Scotch’ tape and ‘Post-it’ note producer 3M has raised pricing to counter rising material costs.

Recent cost-cutting helped 3M outperform first-quarter profit and revenue projections, sending company shares up 1.8% to $106.9 in premarket trade.

“We announced actions that will reduce costs at the corporate center, further simplify and strengthen our supply chain structure, and streamline our go-to-market business models, which will improve margins and cash flow,” said 3M CEO Mike Roman.

The company stated the restructuring would reduce management layers and corporate center size across all departments, companies, and geographies. Tuesday’s employment layoff follows 2,500 earlier this year.

According to its annual report, the corporation employed 92,000 workers on December 31, 2022. After cost-cutting, 3M expects annual pre-tax savings of $700–$900 million.

Refinitiv announced that the St. Paul, Minnesota-based firm earned $1.97 per share for the quarter ended March 31, above analysts’ projections of $1.58 per share. $8.03 billion revenue above $7.49 billion projections.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.
SUBSCRIBE

You May Also Like

News

Intense Scrutiny of Stormy Daniels’ Testimony in Trump Trial Stormy Daniels has become a pivotal witness at some point of the excessive-profile trial of...

Electronics

Presenting the Samsung 65” Class OLED S95C TV—the height of current fashion and stunning visual readability. With a mean rating of 4.1 stars based...

News

More than 40 measure are included in Ofcom’s plan to protect youngsters from content that offers with eating problems, self-damage, suicide, and pornography. Concerns...

Gadgets

Overview Samsung’s Galaxy Z Flip 5’s large cover screen enabled app access without unfolding, a significant improvement over its predecessor. As excitement builds for...

SUBSCRIBE

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.