3M’s sales are down as demand for consumer and electronic products cools.
Reuters is reporting that 3M plans to cut 2,500 manufacturing jobs. According to the news source, 3M’s sales are down as demand for consumer and electronic products cools. In addition, 3M is also currently facing two lawsuits related to earplugs that turned out to be defective and 3M’s use of forever chemicals in its products
In an article from Twin Cities Business, author Winter Keefer cites a lack of interest in respirators and masks as one source of 3M’s financial troubles. Keefer also notes that in 2021, the company employed 95,000 people, meaning that theses layoffs will account for about 3% of 3M’s total workforce world wide.
According to the Star Tribune, 3M CEO Mike Roman referred to the layoffs as a “necessary decision to align with adjusted production volumes.” Roman hopes to get the company back on track by streamlining its operations, including “putting a focus on supply chain and how we position ourselves closer to customers.”
