3M is cutting jobs again. Just nine months after it laid off 2,000 workers, the industrial conglomerate that makes everything from Post-It notes to air filters will shrink its global workforce by an additional 1500 positions as part of its restructuring drive aimed at boosting growth. The company currently employs 96,000 people.
3M shares fell 5% in early trading Tuesday after the company also issued a profit forecast for 2020 that disappointed Wall Street. What's more, in its latest quarter, profit dropped 28%. Sales also fell and missed estimates.
China weighed on its performance. Weak demand from China's automotive and electronics sectors drove Asia-Pacific sales lower for a fifth straight quarter. China's economic growth expanded at its slowest pace in almost three decades in 2019 amid a bruising trade war with the United States that hit factory production.
AND NOW - The company anticipates an EVEN MORE sluggish start TO THE YEAR in China AS IT GRAPPLES WITH A PUBLIC HEALTH CRISIS. Amid the fast-growing coronavirus outbreak that has spread overseas, 3M says it is ramping up production of respiratory protection products LIKE FACE MASKS to meet global demand.