World News | 3M Cutting About 2,500 Manufacturing Jobs Globally
Get latest articles and stories on World at LatestLY. 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.
Saint Paul (US), Jan 24 (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.
The company announced last month that it will exit per- and polyfluoroalkyl substance manufacturing by the end of 2025.
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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 USD 541 million, or 98 cents per share. Its adjusted profit was USD 2.28 per share. That's below the USD 2.34 per share that analysts polled by Zacks Investment Research predicted.
Revenue for the St Paul, Minnesota-based company totalled USD 8.08 billion in the period, beating Wall Street's estimate of USD 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 USD 8.50 to USD 9, versus USD 9.88 per share in 2022.
Shares fell 4.7 per cent before the market open. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)