3M is reducing its manufacturing staff by about 2,500 employees, citing financial struggles by hospitals as a factor, The Star Tribune in Minneapolis reported.
CEO Mike Roman said hospital budget pressures and healthcare labor shortages were among the reasons for the job cuts, which affect approximately 2.6 percent of the company's global workforce, according to the Jan. 24 story. He also pointed to the conglomerate's exit from Russia and lingering COVID-19 issues in China.
3M also said it expects disposable respirator sales to return to prepandemic levels in 2023, an expected revenue drop of about $500 million.
The company's fourth-quarter profits declined to $541 million from $1.3 billion a year earlier, the news outlet reported.