By Colin Kellaher
3M Co. (MMM) on Thursday said it will cut about 2,000 jobs as part of a global restructuring after the company posted disappointing first-quarter results and slashed its full-year earnings guidance.
The St. Paul, Minn., manufacturing and technology giant said it expects annual pretax savings of $225 million to $250 million, including $100 million in 2019.
3M said it expects to post a pretax charge of roughly $150 million related to the actions, which will span all business groups, functions and geographies, with emphasis on corporate structure and underperforming areas of its portfolio.
3M last month said it would reduce its number of business segments to four from five in a realignment aimed at boosting customer focus and productivity.
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