January 28, 2020 / 11:44 AM / in 2 months

3M to cut 1,500 jobs, profit falls 28%

Jan 28 (Reuters) - U.S. industrial giant 3M Co reported a 28% fall in quarterly profit on Tuesday due to restructuring and litigation charges and said it would cut 1,500 jobs globally as it looks to reduce costs.

Net income attributable to 3M fell to $969 million, or $1.66 per share, in the fourth quarter ended Dec. 31, from $1.35 billion, or $2.27 per share, a year earlier.

On an adjusted basis, the maker of Post-it notes and Scotch tape earned $1.95 per share in the quarter.

Net sales fell 2.1% to $8.11 billion.

Reporting by Rachit Vats in Bengaluru; Editing by Arun Koyyur

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