3M is looking to rein in costs amid waning demand for consumer electronics.
The diversified manufacturer says it will shift its focus to high growth businesses, such as automotive electrification and home improvement, and prioritize emerging growth areas like climate technology and next generation consumer electronics. This job cut decision follows an uncertain economy along with rising interest rates and stubbornly high inflation forcing corporate America to become leaner in recent months.
3M, which produces electronic displays for smartphones and tablets, has been struggling with decreased demand for consumer electronics as people reduce their discretionary spending amid recession worries. The company’s consumer electronic business dropped by 35 percent. Earlier this year, the company announced a reduction of 25 hundred roles. With this second round of job cuts, the company has now reduced its total global workforce by 10 percent.
