Sales down across office and medical markets.

 

3M has announced plans to cut nearly 3000 positions across its global workforce as part of a major restructure.

 

The company reported that sales were down in about half of its extensive business lines from a year earlier.

 

3M’s overall sales fell 1.8 per cent through the first three quarters of this year despite strong demand for 3M’s N95 face masks and cleaning products.

 

“The COVID-19 pandemic has advanced the pace of change and disrupted end markets around the world, increasing the need for companies to adapt faster,” Mike Roman, CEO of 3M, said. “At the same time, we are seeing significant opportunities from our new operating model which we launched at the start of the year.”

 

Sales of 3M’s office supplies (including Scotch tape and Post-It Notes), industrial products, and other goods have slumped as people stayed home from work and postponed dental appointments and medical procedures.

 

3M said it will be “better positioned” to take advantage of global market trends in e-commerce, personal safety, health care, automotive electrification, and home improvement. At the same time, the company plans to de-prioritise investments in end markets where growth is slower.