3M Cuts 6,000 Workers Amid Slowing Global Demand

As demand for manufactured goods continues to cool ahead of a potential recession, 3M is significantly reducing its total workforce for the second time this year.

In its Q1 2023 earnings release on April 25, the manufacturing giant announced that it will eliminate approximately 6,000 jobs in an effort to make itself “stronger, leaner, and more focused.”

“The structural reorganization will reduce the size of the corporate centre of the company, simplify supply chain, streamline 3M’s geographic footprint, reduce layers of management, and further align business go-to-market models to customers,” the release reads.

The latest reduction comes just months after the company cut around 2,500 manufacturing jobs in January.

3M added that it expects total pre-tax charges of $700-million to $900-million as a result of its recent restructuring actions.

According to reports, the company employed a total workforce of around 95,000 people at the end of January.

Impact on Canadian Staff

While 3M didn’t disclose how many staff members in Canada are affected by the latest round of cuts, the company said the restructuring is expected to affect “all functions, businesses, and geographies.”

In addition to its Canadian headquarters in London, Ontario, the manufacturing giant has more than 20 locations across the country.

According to LinkedIn, 3M employs more than 1,700 people in Canada.

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