3M to Cut About 2,500 Manufacturing Jobs Globally

The company said it saw rapid declines in consumer-facing markets and a significant slowdown in China.

3M logo above the trading floor of the New York Stock Exchange, Oct. 24, 2017.
3M logo above the trading floor of the New York Stock Exchange, Oct. 24, 2017.
AP Photo/Richard Drew, File

ST. PAUL, Minn. (AP) — 3M, maker of Post-it notes, industrial coatings and ceramics, is cutting about 2,500 manufacturing jobs worldwide as it looks to align itself with adjusted production volumes.

WATCH: 3M to Stop Producing 'Forever Chemicals' 

The company announced last month that it will exit per- and polyfluoroalkyl substance manufacturing by the end of 2025. The so-called forever chemicals are used in nonstick frying pans, water-repellent sports gear, stain-resistant rugs, cosmetics and countless other consumer products.

3M Co. also reported fourth-quarter earnings of $541 million, or 98 cents per share. Its adjusted profit was $2.28 per share. That's below the $2.34 per share that analysts polled by Zacks Investment Research predicted.

Revenue for the St Paul, Minnesota-based company totaled $8.08 billion in the period, beating Wall Street's estimate of $8.04 billion.

Chairman and CEO Mike Roman said in a statement that 3M experienced rapid declines in consumer-facing markets and a significant slowdown in China due to COVID-19-related disruptions. He said the company anticipates macroeconomic challenges continuing this year.

Looking ahead to the full year, the company expects 2023 adjusted earnings per share of $8.50 to $9, versus $9.88 per share in 2022.

Shares fell 4.7% before the market open.

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