3M (NYSE:MMM) plans to eliminate jobs as part of a broader cost-cutting drive, Bloomberg reported Wednesday, citing internal communications from the head of the company’s safety and industrial division to employees of the unit.
The scope of the cuts is not known, but Michale Vale, head of the unit, disclosed the plans in a message that said “the business can’t avoid this tough necessity.”
The message said 3M’s (MMM) safety and industrial division plans to realign and reduce its structure, streamline its portfolio and rethink business processes, as well as eliminate jobs, Bloomberg said.
The business unit is the company’s largest by revenue and accounted for 34% of last year’s $35.4B in total sales.
“Lawsuits, forever chemicals, competition, and many other factors are toppling” 3M (MMM), Another Mountain’s Rock Investing writes in a bearish analysis published recently on Seeking Alpha.