3M Plans To Cut About 2,900 Jobs Worldwide - Quick Facts

(RTTNews) - 3M Co. (MMM) said Thursday that it plans to initiate restructuring actions that will impact all business groups, functions and geographies. It expects its restructuring to impact about 2,900 positions globally. It plans to de-prioritize investments in end markets where growth is slower.

As a result of the restructuring, the company expects to take a total pre-tax charge of $250 million to $300 million, with $120 million to $150 million in the fourth quarter of 2020. It is expected that the remainder of the pre-tax charge to be incurred primarily in the second half of 2021.

Meanwhile, 3M anticipates annual pre-tax savings of $200 million to $250 million from restructuring actions, with $75 million to $100 million of pre-tax savings in 2021.

The company said it will further enhance its operations and marketing capabilities. In operations, the company will eliminate redundancies and better use analytics to drive additional efficiencies, 3M said in a statement.

In marketing, 3M will build on its success in utilizing data insights, accelerating global marketing programs, and activating digital engagements with customers.

3M stated that it will be better positioned to take advantage of global market trends in e-commerce, personal safety, health care, automotive electrification, and home improvement.