3M to restructure business
| 25 April, 2019
3M has announced that following a slower than expected 2019, it has initiated restructuring and other actions that will result in an expected reduction of 2,000 positions worldwide.
This will allow an estimated annual pre-tax savings range of $225 million to $250 million These actions will span all business groups, functions and geographies, with emphasis on corporate structure and underperforming areas of the portfolio.
“While we take actions to manage through the near-term, we also continue to invest in growth to position 3M for the future,” Roman continued. “We recently implemented a significant portfolio realignment from five to four business groups, which will enable us to better serve our customers and global markets. Moving forward, I am confident that we are making the necessary changes and focused on the right priorities to accelerate 3M into a stronger future.”