3M to cut 1,500 jobs, profit falls 28%

3M to cut 1,500 jobs, profit falls 28%

The logo of 3M is seen at the 3M Tilloy plant in Tilloy-Lez-Cambrai, France, August 18, 2019. REUTERS/Pascal Rossignol

(Reuters) – U.S. industrial giant 3M Co (MMM.N) reported a 28% fall in quarterly profit on Tuesday due to restructuring and litigation charges and said it would cut 1,500 jobs globally as it looks to reduce costs.

Net income attributable to 3M fell to $969 million, or $1.66 per share, in the fourth quarter ended Dec. 31, from $1.35 billion, or $2.27 per share, a year earlier.

On an adjusted basis, the maker of Post-it notes and Scotch tape earned $1.95 per share in the quarter.

Net sales fell 2.1% to $8.11 billion.

Reporting by Rachit Vats in Bengaluru; Editing by Arun Koyyur

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