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John Wang
in
Finance
January 29 17:03

3M is laying off 1,500

3M is currently looking for a restructured model of operations. Because of this the company is cutting 1 500 jobs.
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3M is currently looking for a restructured model of operations. Because of this the company is cutting 1,500 jobs.

The conglomerate has announced the cuts in its Q4 earnings report. The office supplies manufacturer at the moment employs 96,000 people. 3M had an upsetting 2019 and 2020 does not look very promising either. The company’s stock suffered the most - its share have lost almost 6% of their value. Which is, somewhat surprising, a sort of a success - in April the stock dropped 13%.
The main reason for the conglomerate’s misfortune is the ongoing trade war between China and US. 3M has openly admitted, that changing tariffs and currency fluctuations are hitting their sales hard. However, the recent negotiations between two countries and China’s acceptance of the compromise might lead to the calmer markets and 3M’s comeback.