Jan 24 (Reuters) - 3M Co (MMM.N) said on Tuesday it would cut 2,500 manufacturing jobs after reporting a lower profit, as the U.S. industrial conglomerate faces a demand slowdown in its unit that sells products including notebooks, air purifiers and respirators.
The move comes as corporate America has seen a string of layoffs with companies trying to rein in costs amid fears of a potential economic downturn.
The diversified manufacturer said demand for its consumer-facing unit fell faster in December as weaker customer spending spilled into the holiday season, sending its shares down 4.7% to $116.79 in premarket trading.
3M expects adjusted sales growth to drop 6% to 2% this year due to declining disposable respirator sales and its exit from Russia.
A softer-than-expected consumer spending and a cut back from U.S. retailers amid inflationary pressures has eaten into the sales of 3M's consumer unit which generated about $5.30 billion in revenue in 2022.