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3M announces mass layoffs as manufacturing slows

<pi>yet another major restructuring plan as the manufacturing sector prepares for <tab />slumping demand for goods</pi>


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MANUFACTURING GIANT THREE-M ANNOUNCED MASS LAYOFF TUESDAY AS IT JOIS OTHERS IN THE MANUFACTURING SECTOR BRACING FOR A POSSIBLE RECESSION
THE COMPANY, WHICH OWNS POPULAR BRANDS INCLUDING Post-It Notes and Scotch Tape, PLANS TO lay off SIX THOUSAND WORKERS WORLDWIDE
THAT'S ON TOP OF the 25-HUNDRED manufacturing JOBS THREE-M CUT in January
The company said it EXPECTS TO save up to 900-million DOLLARS a year before taxes after the layoffs are DONE
THE NEW LAYOFFS ARE part of A major restructuring plan THAT WILL INCLUDE several management changes
THE CUTS CAME AS THREE-M REPORTED THAT earnings and sales fell from the previous year

<u>THREE-</u><u>M said the supply chain problems that doomed the sector for years in the wake of the pandemic have largely eased</u> That means <u>backlogged orders have been shipped, and the company (and its peers) no longer need as much staff to handle the workload</u>

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<pi>3M argued that the cuts are intended to make 3M stronger, leaner and more focused by simplifying its supply chain and reducing layers of management</pi>



The company said it would <u>prioritize products that customers are increasingly demanding, including climate tech, sustainable packaging and automated industrial products, among other emerging technologies 3M also reaffirmed its previous outlook for 2023, anticipating sales would fall by as much as 6% this year</u>

<u> 3M said the supply chain problems that doomed the sector for years in the wake of the pandemic have largely eased</u> That means <u>backlogged orders have been shipped, and the company (and its peers) no longer need as much staff to handle the workload</u>

<u>Meanwhile, demand for manufactured goods has fallen in recent month</u>s Consumers have been spending less on stuff and more on experiences lately, and businesses are gearing up for an anticipated recession
3M rival Dow also announced thousands of layoffs at the beginning of the year
Shares of 3M rose slightly in premarket trading


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