[ad_1]
The industrial manufacturer announced the announcement on Thursday by announcing weak sales during its last quarter and darkening its outlook for the coming year.
Sales decreased 5% to $ 7.9 billion in the last quarter compared to the same period last year. Although sales declined in the United States, the largest region in 3M, sales fell by more than 9% in Europe, the Middle East and Africa. These areas are the second largest area of 3M. Sales in Asia also fell by more than 7% compared to last year.
"The first quarter was a disappointing start to the year for 3M," said Mike Roman, president and CEO of 3M, in a statement. "We continued to face slowing conditions in the major end markets."
3M said that job cuts, which represent about 2% of its global workforce, will save the company up to $ 250 million a year. 3M will spread the reductions between different divisions and geographic areas "with a focus on the company structure and underperforming areas".
The stock fell more than 10% in early trading on Thursday, which drove down the Dow.
[ad_2]
Source link