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MarketScreener Homepage  >  Equities  >  Nyse  >  3M Company    MMM

3M COMPANY

(MMM)
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3M to cut 2,900 jobs in restructuring

12/03/2020 | 10:18am EST
FILE PHOTO: The 3M Global Headquarters in Maplewood, Minnesota

(Reuters) - 3M Co said on Thursday it would cut about 2,900 jobs globally and scale back on investments in slower-growing markets as part of a restructuring that is expected to lead to pre-tax savings of up to $250 million.

The company said it expects to record a pre-tax charge of $250 million to $300 million due to the move, with $120 million to $150 million to be incurred in the fourth quarter of 2020.

"The COVID-19 pandemic has advanced the pace of change and disrupted end markets around the world, increasing the need for companies to adapt faster," Chief Executive Officer Mike Roman said.

3M said the restructuring actions would allow it to take advantage of global market trends in e-commerce, health care, automotive electrification and home improvement.

The company had 96,163 employees as of Dec. 31, 2019.

The company said it expects the restructuring to result in annual pre-tax savings of $200 million to $250 million, with $75 million to $100 million in 2021.

(This story corrects paragraph 1 to say cost-savings of up to $250 million, not $350 million and paragraph 6 to say annual pre-tax savings, not this year)

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni)


© Reuters 2020
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Financials (USD)
Sales 2020 31 968 M - -
Net income 2020 5 193 M - -
Net Debt 2020 15 222 M - -
P/E ratio 2020 18,7x
Yield 2020 3,56%
Capitalization 95 493 M 95 493 M -
EV / Sales 2020 3,46x
EV / Sales 2021 3,22x
Nbr of Employees 96 163
Free-Float 61,0%
Chart 3M COMPANY
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3M Company Technical Analysis Chart | MMM | US88579Y1010 | MarketScreener
Technical analysis trends 3M COMPANY
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 185,19 $
Last Close Price 165,55 $
Spread / Highest target 37,1%
Spread / Average Target 11,9%
Spread / Lowest Target -4,56%
EPS Revisions
Managers and Directors
NameTitle
Michael F. Roman Chairman, President & Chief Executive Officer
Monish Patolawala Chief Financial Officer & Senior Vice President
John Patrick Banovetz CTO, Senior Vice President-Research & Development
Ty R. Silberhorn Senior Vice President-Information Technology
Michael L. Eskew Lead Independent Director
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