3M, the company that makes Post-It notes and Scotch tape, is cutting 2,000 jobs around the world
The industrial manufacturer made the announcement Thursday as it reported weak sales during its most recent quarter and darkened its outlook for the year ahead. Sales slid 5% to $7.9 billion last quarter compared to the same time period a year ago. Although sales ticked up in the United States, 3M's largest region, sales dropped more than 9% in Europe, the Middle East and Africa. Those areas make up 3M's second largest region. Sales in Asia also fell more than 7% compared to a year ago.
US stocks hit new record highs"The first quarter was a disappointing start to the year for 3M," said Mike Roman, 3M chief executive officer, in a statement."We continued to face slowing conditions in key end markets."In addition, 3M slashed its full-year guidance.Read More3M said the job cuts, which represent around 2% of its global workforce, will save the company up to $250 million annually.
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