3M to cut 2,000 jobs globally, lowers 2019 profit outlook
FILE PHOTO: The logo of Down Jones Industrial Average stock market index listed company 3M is shown in Irvine, California April 13, 2016. REUTERS/Mike Blake/File Photo
(Reuters) – U.S. manufacturing conglomerate 3M Co on Thursday said it would lay off 2,000 workers globally as it reported a lower-than-expected quarterly profit and cut its 2019 earnings forecast due to worsening performance in key markets.
The job cuts, part of moves to restructure its businesses into four operating units from five, would result in an estimated annual pre-tax savings range of $225 million to $250 million, with $100 million in the remainder of 2019, the company said in a statement here.
3M, which makes everything from adhesive tapes to air filters, said it now expects 2019 adjusted earnings between $9.25 and $9.75 a share, versus its prior forecast of $10.45 to $10.90 per share.
The shares of the company fell 7 percent in premarket trading after the announcement.
Reporting by Rachit Vats in Bengaluru; Editing by Shailesh Kuber