3M to cut thousands of jobs, trimming as much as $900 million annually
Maplewood-based 3M said Tuesday it plans to shed thousands of jobs as part of a global restructuring plan and executive leadership changes.
The company said it wants to “reduce the size of the corporate center of the company, simplify supply chains, streamline 3M's geographic footprint and reduce layers of management.”
The announcement says those moves are expected to impact 6,000 jobs globally, on top of the 2,500 manufacturing jobs the company announced it was cutting in January.
The company says the cuts will trim as much as $900 million in costs annually. 3M reported 92,000 employees last year.
3M also announced it was promoting Michael Vale to a new position — group president and chief business and country officer — overseeing three of the company's four business groups as well as customer operations, country governance and emerging markets.
The announcements came as 3M also reported a 9 percent year-over-year slump in sales in its quarterly earnings report.
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