3M to slash 2,500 jobs over weakening demand

3M is preparing a list of 2,500 of its staff engaged in manufacturing jobs, who will be asked to go as the industrial giant reported lower profits and offered a lackluster 2023 outlook based on weakening demand.

The company also expects very low US growth in 2023 of about 1.0 per cent, under the global average of 1.5 per cent, Chief Executive Mike Roman said on a conference call with analysts.

“We expect macroeconomic challenges to persist in 2023,” Roman added in an earnings release.

Reports suggest 3M, which operates in several sectors including health care, transportation, and electronics, contends with a drop in pandemic-related sales of face masks or “respirators” and “rapid declines” in consumer-facing businesses.

Roman continued, "Based on what we see in our end markets, we will reduce approximately 2,500 global manufacturing roles – a necessary decision to align with adjusted production volumes."

A company spokesperson said there were no additional details on where the jobs are located, or in which sectors.