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Globally, 3M Will Eliminate About 2,500 Manufacturing Jobs

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Globally, 3M Will Eliminate About 2,500 Manufacturing Jobs

(CTN News) – As part of the company’s effort to align itself with adjusted production volumes, 3M, a maker of Post-it notes, industrial coatings, and ceramics, is cutting about 2,500 manufacturing jobs around the world.

Earlier this month, the company announced that it would cease manufacturing perfluoroalkyl substances by the end of 2025 and exit the industry.

The so-called forever chemicals are widely used in a wide range of consumer goods from nonstick frying pans to water-repellent sports gear, stain-resistant carpets, cosmetics, and countless other items.

In addition, 3M Co. reported fourth-quarter earnings of $541 million, or 98 cents per share, for the quarter ended November 30, 2018.

There was an adjusted profit of $2.28 per share for the company. It is below the $2.34 per share that analysts polled by Zacks Investment Research had predicted, according to their survey.

As a result, the revenue of the St Paul, Minnesota-based company totaled $8.08 billion during the period, which beat Wall Street’s estimate of $8.04 billion during that period.

The chairman and CEO of 3M, Mike Roman, issued a statement in which he said that the company has experienced rapid declines in consumer-facing markets and a significant slowdown in the Chinese market due to disruptions caused by COVID-19.

There is no doubt that macroeconomic challenges will continue to challenge the company this year, according to him.

As the company looks ahead to the full year, it expects its adjusted earnings per share to be between $8.50 and $9 in 2023. This is in contrast to $9.88 per share in 2022.

Prior to the opening of the market, shares of the company fell 4.7%.

What does the 3M Company do?

3M manufactures and distributes a broad range of products, from building materials and adhesives to medical and home cleaning supplies. The company’s Safety and Industrial segment generates the most sales and profits.

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