3M, a global industrial, health care and consumer goods conglomerate, says that it will cut roughly 1,500 jobs in a bid to streamline its business.
The cuts will span "all business groups, functions and geographies,'' according to the company's earnings report for the fourth quarter that ended December 31.
3M's pre-tax savings in the wake of restructuring will range from $40 million to $50 million this year, and $110 million to $120 million from then on annually.
The company saw growth during the final three month period of 2019, with sales rising 2.1% compared to the same period in the previous year. Health care was particularly robust, with sales increasing more than 25%, while transportation and electronics sales slid 6.2%.
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Sales were highest in the U.S., where they rose 7.4%. They were down 1.7% in the Asia Pacific region.
“The latest phase of our transformation journey is designed to improve growth and operational efficiency,'' Mike Roman, 3M's chairman and CEO said in a separate statement about the planned restructuring. "This is a defining moment in how we run our company, and positions 3M for success in the years ahead.”
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This article originally appeared on USA TODAY: 3M job cuts: company will slash roughly 1,500 positions to streamline