3M has announced it will cut 6,000 jobs around the world as it looks to make savings of at least $700 million.
The restructure will reduce the size of the corporate center of the company, simplify the supply chain, reduce 3M's geographic footprint, reduce layers of management, and further align business go-to-market models to customers.
These restructuring actions are expected to affect all functions, businesses, and locations.
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The cuts follow the reduction of 2,500 global manufacturing roles announced in January 2023.
3M anticipates annual pre-tax savings of $700 million to $900 million upon completion of these actions.
The actions are expected to reduce costs and drive long-term improvement in margins and cash flow while enabling a more efficient and effective structure for driving long-term growth.
The company will continue to focus its commercial efforts in high-growth markets including automotive electrification, home improvement, personal safety, electronics, and health care's.
it will also prioritize emerging growth areas such as climate technology, sustainable packaging, industrial automation, semiconductors, and next-generation consumer electronics.
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3M chairman and CEO Mike Roman said: "In the first quarter we continued our relentless focus on serving customers and aggressively managed costs.
"Market trends were as we expected, and we made changes to improve our operations and position us for success as supply chains improve."
"To strengthen 3M for the future, today we announced actions that will reduce costs at the corporate center, further simplify and strengthen our supply chain structure, and streamline our go-to-market business models, which will improve margins and cash flow.
"We will continue to prioritize investments in high-growth end markets where 3M science gives us a clear competitive advantage."
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