US conglomerate 3M to cut 6,000 jobs in 2nd wave of layoffs

The US conglomerate 3M has started cutting 6,000 jobs in the second wave of its layoffs, according to a financial results statement released Tuesday.

The move is part of the company's aim to lower annual pre-tax costs as high as $900 million, as the American economy tries to avoid a recession amid high inflation and rising interest rates.

The figure is in addition to the reduction of 2,500 global manufacturing roles announced in January.

"To strengthen 3M for the future, today 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 CEO Mike Roman.

The company said it expects to reduce costs and drive long-term improvement in margins and cash flow, while enabling a more efficient and effective structure for driving long-term growth.