3M Co said Tuesday it will cut 2,500 manufacturing jobs after reporting lower profit, as the US industrial conglomerate faces slowing demand at its unit that sells products such as laptop computers, air purifiers and respirators.
And consumer spending Lower than expected amid inflationary pressures has dented sales at 3M’s consumer unit, which generated revenue of $5.3 billion in 2022.
In addition, a cutback by US retailers grappling with high inventory levels has also dampened demand.
“The slower-than-expected growth was due to rapid declines in consumer-facing markets,” said Chief Executive Officer, Mike Roman.
As demand weakened, we adjusted production and controlled costs, which allowed us to improve inventory levels,” he added.
The St. Paul, Minnesota-based company posted profit of 98 cents per share in the fourth quarter, up from $2.31 per share a year earlier, mainly from charges related to the exit of PFAS manufacturing.
Sales for the quarter fell 6% to $8.1 billion. Excluding expenses, the company earned a profit of $2.28 per share, compared to $2.45 per share a year earlier.
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