“Rapid Declines In Consumer-Facing Markets” Leads To Layoffs At 3M

Global conglomerate 3M, the organization behind some of the world’s most famous industrial and healthcare products, is joining the league of companies conducting layoffs. 

This week, the firm announced that 2,500 manufacturing jobs would be cut after experiencing disappointing fourth-quarter results.   

“We posted organic growth of 0.4 percent — versus our expectation of 1 to 3 percent — adjusted margins of 19.1 percent, and adjusted earnings of $2.28 per share,” said Mike Roman, CEO and chairman at 3M. “The slower-than-expected growth was due to rapid declines in consumer-facing markets.”