The industry announced Thursday's announcement as it underperformed in the final quarter and darkened its outlook for the year ahead.
Revenues decreased 5% to $ 7.9 billion last quarter compared to the same period last year. Although sales in the US, the largest region of 3M, increased, sales in Europe, the Middle East and Africa fell by more than 9%. These areas form the second largest region of 3M. Sales in Asia also fell by more than 7% compared to the previous year.
"The first quarter was a disappointing year for 3M," said Mike Roman, 3M's chief executive officer, in a statement. "We continued to face slowing conditions in key end markets."
3M The job cuts, which account for approximately 2% of the global workforce, save the company up to $ 250 million annually. 3M will distribute the cuts across multiple businesses and regions, "with a focus on corporate structure and underperforming areas."
The stock fell more than 10% on Thursday, pushing the Dow down.