3M, maker of Post-Its and industrial materials, is cutting about 3% of its global workforce, amounting to roughly 2,900 jobs, as the company continues its restructuring plan.
In a release Thursday, 3M CEO Mike Roman said the changes were the result of the pandemic that has “advanced the pace of change and disrupted end markets around the world, increasing the need for companies to adapt faster.”
The layoffs, which affect all of its business units, will cost the company about $300 million before taxes. 3M (MMM) said it will shift its focus and investments from slow-growth markets to areas where its stronger, like health care and e-commerce.
The company also manufactures the highly sought-after N95 mask and has struggled to keep up with demand. Sales for its health-care sector jumped more than 25% in its most recent earnings period.
It’s the latest change for the industrial conglomerate. 3M laid off 1,500 employees in January as the company struggled in the trade war between China and the United States.
3M’s stock was among the worst-performing stocks in the Dow last year. This year, however, is only down 2.5% for the year with shares flat in premarket trading.