3M Co will cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics. | Reuters
electronic business fell 35 percent in the first quarter, chief financial officer Monish Patolawala said on a call with analysts.s have shifted their spending patterns to more non-discretionary items and retailers have aggressively reduced their inventory levels,” Patolawala said.
The restructuring, which is expected to hit all functions, businesses, and geographies, is aimed at reducing management layers and the corporate center’s size, the company said.. With the second round of jobexpects to take total pretax restructuring charges of $700 million to $900 million, with about half of those to occur in 2023 and the balance in 2024.
“End-market dynamics appear mixed, but MMM continues to be prudent in managing cost/spending that should, over time, support profitability as the company navigates a slow macro environment,” Citi analysts said in a note. The St. Paul, Minnesota-based company reported an adjusted profit of $1.97 per share for the quarter ended March 31, above analysts’ expectations of $1.58 per share, according to Refinitiv. Revenue of $8.03 billion also topped estimates of $7.49 billion.
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