3M Co. said it plans to cut 2,900 jobs to reflect slumping demand for some of its products during the coronavirus pandemic.
The St. Paul, Minn.-based industrial conglomerate has experienced unprecedented demand for its N95 face masks, which protect medical workers and others from the virus. But that personal-protective gear is just a sliver of the hundreds of products 3M makes for consumers, health-care providers and industrial businesses. Sales of 3M’s office supplies, industrial products and other goods have slumped as people stayed home from work and postponed dental appointments and medical procedures.
3M has said nonemergency medical procedures are unlikely to recover through next year as patients continue to stay away from hospitals and health-care facilities where patients are being treated for coronavirus. Homebound workers are consuming less office supplies, such as 3M’s Scotch tape and Post-it Notes. Sales in 3M’s electronics lines and products tied to the aerospace industry also have declined.
“The pandemic has advanced the pace of change and disrupted end markets around the world,” Chief Executive Mike Roman said in a statement.
3M’s shares rose 0.52% on Thursday to $172.80