3M Initiates Restructuring Following Challenging 2019 First Quarter
3M has initiated restructuring and other actions that will result in an expected reduction of 2,000 positions worldwide.
3M recently reported that its sales declined 5% to $7.9 billion in the first quarter of 2019. Organic local-currency sales declined 1.1%, while divestitures, net of acquisitions, decreased sales by 0.5%. Foreign currency translation decreased sales by 3.4% compared to the 2018 first quarter.
Total sales grew 0.3% in Health Care, with declines of 1.9% in Consumer, 4.2% in Safety and Graphics, 6.6% in Industrial, and 11.8% in Electronics and Energy. Organic local-currency sales increased 0.9% in Consumer and 0.7% in Health Care, with decreases of 0.1% in Safety and Graphics, 2.8% in Industrial, and 3% in Electronics and Energy.