3M Co (NYSE:MMM) plans to cut 2,500 manufacturing jobs after reporting a lower profit, as the company faces a slowing demand for products in its unit that sells including notebooks, air purifiers and respirators. This scaling back comes at a time when a lot of U.S. companies are proactively cutting costs due to concerns about a possible economic recession.
According to Reuters, 3M expects adjusted sales growth to drop 6% to 2% this year due to declining disposable respirator sales and its exit from Russia.
The company was able to offset higher raw material and logistics costs by raising prices which helped it beat profit in the previous quarter.
Sales in the quarter fell 6% to $8.1 billion. Excluding items, the company reported a profit of $2.28 per share compared to $2.45 per share a year earlier.