Layoffs in 2023: The name of another company has been added to the global retrenchment. The giant company 3M has now announced the removal of 2500 employees (Employees Layoffs). This decision has been taken in view of the low profit of the company and weak demand in the coming days. 3M is a large company in the manufacturing sector (Manufactur Company Layoffs), which manufactures small and large products ranging from electric to health sector.
During the Kovid-19 epidemic, this giant company also made masks for the people. There was a decline in the supply of many products of the company last year. Also, the war between Russia and Ukraine has also affected its business. 3M’s net profit in the fourth quarter of fiscal year 2023 was $1.4 billion a year ago, but it is at $541 million a year later this quarter. The company’s revenue fell 6.2% to $8.1 billion.
The crisis will be more serious in 2023
Giving information about the retrenchment of employees, the company’s CEO Mike Roman said that in 2023 there could be a widespread economic problem. Due to this, about 2,500 employees are being retrenched globally to remain in the market. Mike Roman said that this decision was necessary to manage the company’s losses and profits.
The company will continue its business
The company has not yet disclosed the other details of the retrenchment. The company expects very low US growth of around one per cent this year, while a global gain of less than 1.5 per cent is expected. The company said that it will continue to manufacture the products. Let us tell you that this year a large number of employees are being laid off. So far this year, companies like Microsoft and Google are laying off people in large numbers.
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