3M to cut 6,000 positions globally

(Reuters) -3M Co said on Tuesday it would cut about 6,000 positions globally as the U.S. industrial conglomerate looks to restructure its business amid waning demand and increasing costs.

Shares of the St. Paul, Minnesota-based company were up 1.6% at $106.7 premarket.

“We announced actions that will reduce costs at the corporate center, further simplify and strengthen our supply chain structure, and streamline our go-to-market business models, which will improve margins and cash flow,” said 3M CEO Mike Roman.

3M anticipates annual pre-tax savings of $700 million to $900 million upon completion of the cost-cut actions.

The St. Paul, Minnesota-based company reported an adjusted profit of $1.97 per share for the quarter ended March 31, down from $2.63 per share a year earlier.

(Reportin by Kannaki Deka in Bengaluru; Editing by Subhranshu Sahu)