English 
Spanish 
2 min read
3M made an announcement on Tuesday that it will cut about 2.500 manufacturing jobs as the company reported lower earnings and offered a low outlook for the full year 2023 based on weakening demand.
This move will come as 3M, which operates in multiple sectors including healthcare, transportation and electronics, has been grappling with a pandemic-related drop in sales of face masks or "respirators" and "rapid declines" in the business that is consumer-oriented.
3M is also expecting very low US growth in 2023, at around 1%, below the global average of around 1,5%, Chief Executive Mike Roman said on a conference call with some analysts.
“We expect the macroeconomic challenges to persist into 2023,” added the Chief Executive in a press release.
- From pre-salt to the largest gas reserve: Petrobras discovers 6 trillion cubic feet of gas in Colombia and leads global energy revolution
- Gas station scam: Gas station attendants are caught swapping 4 bottles of additives for empty ones in a scheme that has already deceived hundreds
- The MOST INDEBTED countries in the world: Brazil's surprising position in 2024
- Mercosur-EU agreement promises to transform global trade, but faces controversies over environmental impact and economic competition!”
See more
“Based on what we see in our end markets, we will reduce approximately 2.500 global manufacturing papers – a necessary decision to align with adjusted production volumes,” he said.
A company source also said that there are no additional details about where and what sectors of employment. Net income for the fourth quarter was about $541 million, compared to $1,4 billion in the same period a year earlier, while revenues fell by about 6,2% to $8,1 million. billion.
This latest quarter includes a significant $165 million drop in sales of face masks year-over-year, as measures taken against Covid-19 have changed. The results of the companies were also completely harmed due to its departure from Russia.
Executives described mixed conditions in their markets, with automotive electrification remaining a strong source of demand, but consumer electronics falling further due to weak demand for televisions, tablets and smartphones.
This company projects a drop of two percent to six percent in the billing branch this year, 2023, and lower profit compared to last year's shares. Shares of 3M fell more than 5,5% to $115,88 earlier this afternoon.
Other companies are also experiencing mass layoffs, with John Deere, Big Boi Refrigerator e Ford.
