3M to cut 2,000 jobs globally, lowers 2019 profit outlook
[BENGALURU] US manufacturing conglomerate 3M Co on Thursday said it would lay off 2,000 workers globally as it reported a lower-than-expected quarterly profit and cut its 2019 earnings forecast due to worsening performance in key markets.
The job cuts, part of moves to restructure its businesses into four operating units from five, would result in an estimated annual pre-tax savings range of US$225 million to US$250 million, with US$100 million in the remainder of 2019, the company said in a statement.
3M, which makes everything from adhesive tapes to air filters, said it now expects 2019 adjusted earnings between US$9.25 and US$9.75 a share, versus its prior forecast of US$10.45 to US$10.90 per share.
The shares of the company fell 7 per cent in premarket trading after the announcement.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Possible class action lawsuit against Cordlife by customers could take at least 2 years
Chinese tariffs could leave cognac makers with too much brandy
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore
South Korea to slap fines on food suppliers for ‘shrinkflation’
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share