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12 April 2024

US manufacturer 3M says to cut 2,000 jobs on slowing demand

Photo: AFP


US industrial products manufacturer 3M announced Thursday it will cut 2,000 jobs worldwide, citing weakness in key markets that led to a steep decline in first-quarter sales.

3M, which makes a wide variety of industrial goods and tools as well as everyday items such as Post-It notes, also slashed its full-year profit forecast.

The company said sales fell 7.4 percent in Asia Pacific and 9.4 percent in Europe-Middle East-Africa.

3M shares fell sharply in pre-market trading.