Post-it maker 3M to cut 1,500 jobs on falling sales
3M is cutting 1,500 jobs, as drooping sales have forced the US manufacturing giant to slash its profit forecast for the year.
Jobs will be lost across US, Europe and Latin America for the manufacturer, which counts Scotch Tape and Post-it Notes among its many products.
The company reported sales tumbling 5.2 per cent in the third quarter, down to $7.7bn, and profits flat at $1.3bn.
3M has said earnings will be $7.73 to $7.78 per share excluding restructuring costs, down from a previous estimate ranging up to $7.93.
Projected sales growth is down too, from an estimated high of four per cent down to two per cent.
The company's shares, which have fallen 8.7 per cent since the start of the year, tumbled another 1.13 per cent in pre-market trading today.
