3M to cut 2,500 jobs, forecasts downbeat Q1 as demand weakens

Demand slowdown has extended into the current quarter as consumers cut discretionary spending and rigorous industrial de-stocking, especially in Asia, 3M said. — Reuters

NEW YORK: 3M Co says it will cut 2,500 manufacturing jobs and forecast a gloomy first-quarter as the US industrial conglomerate struggles with slowing demand for consumer and electronic items.

The downbeat outlook and quarterly results pile more pain on the company, at a time it faces separate lawsuits related to defective earplugs and its use of “forever chemicals”, which 3M said in December it plans to discontinue.