3M

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
United States, Germany, Belgium, Austria, Netherlands
Sector
Manufacturing
(20 - 21) Manufacture of chemicals and pharmaceuticals
20 - Manufacture of chemicals and chemical products
20 - Manufacture of chemicals and chemical products
2,500 jobs
Number of planned job losses
Job loss
Announcement Date
24 January 2023
Employment effect (start)
24 January 2023
Foreseen end date

Description

3M has announced a global restructuring plan which will reduce their manufacturing workforce by 5% (2500 employees). 3M employs just over 96000 employees worldwide, 50000 are in manufacturing, however location-specific impact has not been announced. The CEO has stated the restructuring is a result of a combination of factors worldwide, including drop in consumer demand/spending, inflationary pressures on operating costs, COVID-related disruptions in China and disruption due to the war in Ukraine.

There has been no information on the role of social partners or the restructuring process for employees. 

Sources

Citation

Eurofound (2023), 3M, Internal restructuring in World, factsheet number 108359, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108359.