Reduction adds to 2000 layoffs announced in April, and is intended to save the company $110–120 million annually
US manufacturing giant 3M will shed 1500 jobs worldwide, eliminating more than 1.5% of its international workforce of about 90,500. These new reductions, which are part of 3M’s ongoing restructuring plan, come on top of the 2000 job cuts that the company announced in April 2019. 3M, which makes a wide range of products from Post-it notes to industrial coatings and ceramics, expects the latest round of layoffs to yield annual savings of $110–120 million (£85–92 million), with $40–50 million coming in 2020.
Adding pressure to 3M is the cost of ongoing litigation related to its liability for per- and polyfluoroalkyl substance (PFAS) contamination across the US. In 2019, 3M had set aside $235 million to cover costs from PFAS lawsuits, as well as $313 million for litigation relating to coal dust respirators. The company’s 2019 financial results reveal that the combined cost of this litigation was $590 million after tax.