Trending: 3M to Cut 2,500 Manufacturing Jobs
25 January 2023 - 7:43AM
Dow Jones News
15:12 ET -- 3M Co. is one of the most mentioned companies in the
U.S. across all news items in the last 12 hours, according to
Factiva data. The company is cutting 2,500 manufacturing jobs
globally and said it expects lower sales and profit in 2023 after
demand weakened significantly in late 2022. 3M expects sales will
be hurt by weak demand for consumer products and electronic items,
particularly smartphones, tablets and televisions, for which 3M
provides components. "Consumers sharply cut discretionary spending
and retailers adjusted their inventory levels," Chief Executive
Mike Roman said during a conference call. Dow Jones & Co. owns
Factiva. (josh.beckerman@wsj.com)
(END) Dow Jones Newswires
January 24, 2023 15:28 ET (20:28 GMT)
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