3M to cut 1,500 jobs after reporting stagnant sales in healthcare, consumer sectors

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In a fourth-quarter earnings report outlining a 2.6 percent year-over-year decline in organic sales, 3M announced it will reduce its workforce by approximately 1,500 positions.

The restructuring will take place across "all business groups, functions and geographies," according to the Jan. 28 report. As a result, 3M expects to see pre-tax savings of $40 million to $50 million in 2020.

The latest round of layoffs came alongside fourth-quarter results showing a 0.2 percent decrease in organic sales in 3M's healthcare business, which includes health information systems, drug delivery and medical solutions, and only a 0.2 percent increase in the consumer business, which includes consumer healthcare products such as bandages and joint supports.

The job cuts come nearly one year after the company laid off approximately 2,000 employees after reporting lower-than-expected earnings in the first quarter of 2019, according to The Wall Street Journal.

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