12/3/2020, 1:02 PM (Source: TeleTrader)
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3M to cut 2,900 global jobs in effort to cut costs

The 3M Company announced on Thursday that it will close around 2,900 positions globally as it looks for ways to "streamline its business." It added that it plans to decrease investments in markets where growth is slower, as well as improve its use of analytics and its "digital engagements" with customers.

"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," said Mike Roman, 3M chairman and CEO. "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."

3M said it expects to take a total pre-tax charge of $250 to $300 million, with $120 to $150 million in the fourth quarter of 2020. It also anticipates annual pre-tax savings of $200 to $250 million from these actions, with $75 to $100 million in 2021.

Breaking the News / DJ