Innovation company 3M will eliminate 1,500 employee jobs, the Minnesota-based company announced Tuesday during a report of 2019’s fourth quarter.
3M said in a press release the layoffs are part of the “next step in its transformation journey, which includes a new global operating model and streamlined organizational structure. As a result of these actions, 3M initiated a restructuring that will reduce approximately 1,500 positions, spanning all business groups, functions and geographies.” The 1,500 job cuts come less than a year after the company announced 2,000 layoffs.
3M has one plant location in New Jersey. The Flemington location produces medical sterilization verification and food safety products.
Calls to the company’s offices in St. Paul, Minn., and Flemington were not returned by press time.
3M announced it achieved sales of $8.1 billion in 2019’s fourth quarter results, an increase of 2.1 percent from 2018’s fourth quarter. 3M announced 2019’s fourth-quarter generally accepted accounting principles earnings were $1.66 per share, which is a decrease of 27 percent from 2018’s fourth quarter.
This result includes the company’s previously mentioned pre-tax restructuring charge of $134 million, or $0.20 per share, and a significant litigation-related pre-tax charge of $214 million, or $0.29 per share. Neither of these items was included in 3M’s prior earnings guidance.
