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3M cuts 2,900 jobs in restructuring

© Reuters. FILE PHOTO: The 3M Global Headquarters in Maplewood, Minnesota

(Reuters) – 3M Co announced Thursday that it will cut around 2,900 jobs worldwide and cut investments in slower growing markets as part of a restructuring project that is expected to result in pre-tax savings of up to $ 350 million.

The company expects a pre-tax charge of $ 250 million to $ 300 million due to the move, with $ 120 million to $ 150 million in the fourth quarter of 2020.

"The COVID-19 pandemic has accelerated the pace of change and disrupted end markets around the world, requiring companies to adapt faster," said Mike Roman, chief executive officer.

3M said the restructuring measures would enable it to capitalize on global market trends in e-commerce, healthcare, automotive electrification and home improvement.

As of December 31, 2019, the company employed 96,163 people.

The company anticipates the restructuring will result in pre-tax savings of $ 200 million to $ 250 million this year and $ 20 million to $ 100 million in 2021.

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