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3M Co. is cutting about 2,500 global manufacturing jobs as demand for its products rapidly

softened toward the end of the year.


The maker of Scotch tape, Post-it Notes and more said Tuesday that sales for the fourth quarter

had fallen 6%, weighed down by currency fluctuations. The company said it expects sales to

continue to slide this year.


Organic sales, a metric that strips out currency effects, acquisitions and divestitures, grew slower

than the company had anticipated, Chief Executive Mike Roman said. He cited "rapid declines in

consumer-facing markets -- a dynamic that accelerated in December -- along with significant

slowing in China due to Covid-related disruptions." As demand softened, he said, the company

adjusted manufacturing levels.


"We expect macroeconomic challenges to persist in 2023," he said. 3M said it is likely to book a

pretax restructuring charge of $75 million to $100 million in the current quarter.


Shares slipped 3.5% to $118.28 in the premarket session.


For the full year, the company projects adjusted sales to fall between 6% and 2%, and sees

adjusted earnings falling to between $8.50 a share and $9.00 a share.


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