With The Decline In Facial Mask Sales, 3M Will Cut More Than 2,500 Jobs As It Prepares For A Tougher Economy

Written by Bruno Teles

Published on 25/01/2023 at 17:29

3M irá cortar mais de 2.500 empregos (Foto/divulgação)

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3M Made An Announcement This Tuesday That Will Cut About 2,500 Jobs In The Industry As The Company Reported Lower Profits And Provided A Weak Outlook For The Year 2023 Based On Weakened Demand.

This change will occur at a time when 3M, which operates in several sectors including healthcare, transportation, and electronics, has been facing a decline in sales related to the pandemic of face masks or “respirators” and “quick falls” in consumer-focused businesses.

3M has also been expecting very low growth in the U.S. in 2023, of about 1%, below the global average of about 1.5%, said CEO Mike Roman in a conference call with some analysts.

“We expect macroeconomic challenges to persist in 2023,” added the CEO in a press statement.

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“Based on what we see in our end markets, we will reduce approximately 2,500 global manufacturing roles – a necessary decision to align with adjusted production volumes,” he said.

A company source also stated that there are no additional details regarding where and which employment sectors will be affected. The net income in the fourth quarter was about US$ 541 million, compared to US$ 1.4 billion in the same period the previous year, while revenues fell by about 6.2% to US$ 8.1 billion.

This last quarter includes a significant drop of US$ 165 million in sales of face masks compared to the same period last year, as measures taken against Covid-19 have changed. The companies’ results were also significantly impacted by their exit from Russia.

Executives described mixed conditions in their markets, with automotive electrification remaining a strong source of demand, but consumer electronics declining further due to weak demand for TVs, tablets, and smartphones.

This company projects a decrease of two percent to six percent in revenue this year in 2023 and lower profits compared to last year’s performance. 3M’s shares fell by over 5.5% to US$ 115.88 early this afternoon.

Other companies are also facing mass layoffs, including John Deere, Frigorífico Big Boi, and Ford.

With The Decline In Facial Mask Sales, 3M Will Cut More Than 2,500 Jobs As It Prepares For A Tougher Economy

3M Made An Announcement This Tuesday That Will Cut About 2,500 Jobs In The Industry As The Company Reported Lower Profits And Provided A Weak Outlook For The Year 2023 Based On Weakened Demand.

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With The Decline In Facial Mask Sales, 3M Will Cut More Than 2,500 Jobs As It Prepares For A Tougher Economy

3M Made An Announcement This Tuesday That Will Cut About 2,500 Jobs In The Industry As The Company Reported Lower Profits And Provided A Weak Outlook For The Year 2023 Based On Weakened Demand.

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