One of the world’s largest manufacturers of industrial and consumer goods is downsizing.
3M, maker of major adhesive brands, safety products and PPE, is advancing its new operating model launched in January 2020.
The restructuring will incur a pre-tax charge of $250 million to $300 million and impact 2,900 positions globally, or about 3% of 3M's total headcount.
St. Paul, Minnesota-based 3M said the move will better position the company to enhance its operations and marketing capabilities.
The restructuring actions are said to impact all business groups, functions and geographies.
3M expects to achieve pre-tax savings of $200 million to $250 million from these actions, including $75 million to $100 million in 2021.
In January, 3M laid off 1,500 employees.
3M had 2019 total sales of $32 billion and began 2020 with about 96,000 employees.