According to Bloomberg, An American multinational conglomerate operating in the fields of industry, 3M is planning Job cuts and Layoffs.
It is expected that the company plans to realign and reduce its structure from the safety and industrial division. According to the message, 3M is planning to streamline its portfolio and rethink business processes, as well as eliminate jobs.
The move of layoffs at 3M is due to rising costs, economic slowdown, and underperformance. Head of 3M’s safety and industrial division, Michael Vale has disclosed the planned cuts in a message to employees of the unit.
Michael Vale said, “The business can’t avoid this tough necessity.” The company said in a statement, without being more specific, “3M is taking decisive actions to position the company for continued growth, while also adjusting to the challenging macroeconomic environment.”
“As we prioritize our investments and resources, we will be adjusting on an ongoing basis the roles and responsibilities needed for future growth”, it added.
3M has joined companies like Snap, Microsoft, Twitter, TikTok, Meta, and Google which have either laid off employees or frozen new hirings. 3M employed about 95,000 people at the end of 2021, according to securities filings.
The development of either layoff or hiring slowdown comes after IT companies, crypto exchanges, and financial firms cut out jobs and slow down the hiring process due to slow global economic growth caused by higher interest rates, and rising inflation.
3M operating in the fields of industry, worker safety, U.S. health care, and consumer goods. The company produces over 60,000 products under several brands. The company had operations in more than 70 countries.
The safety and industrial division account for 3M’s maximum revenue. 3M made $35.4 billion in total sales in 2021, and ranked number 102 in the Fortune 500 list of the largest United States corporations by total revenue.
