Earlier, two rounds of layoffs of 1500 employees in Jan and 1700 employees in August were undertaken by the company.

2900 jobs will be slashed by 3M Co., which is about 3% of its global workforce. This measure is undertaken by the company to cut costs. This move will save up to $200 to 250 million a year. This is also a way to streamline operations and ensure better growth and productivity. Due to post pandemic induced disruptions the company will also reduce investments and markets that are showing slow growth.

3M had a workforce of approximately 96,000 employees at the end of last year. Earlier, two rounds of layoffs of 1500 employees in Jan and 1700 employees in August was undertaken by the company. However, those were mostly reductions by attrition and removal of vacant posts.

3 weeks ago the company revealed that 50% of its business will experience a decrease in sales compared to last year.1.8 % fall in sales was recorded in the first three quarters even though 3M N95 mask and cleaning products were in high demand. This slump is because of the effect in its office supply division. Healthcare and industrial business offerings also witness lower sales.

The company has also been facing low demand for its electronics line of product and offerings associated with the aerospace industry.