3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures.
Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations. It will also be further evaluating its global asset base – particularly in Europe – to ensure competitiveness and enhance cost efficiency.
Further cuts will be made by making process improvements to increase productivity; decreasing turnaround spending; and reducing spending on raw materials, logistics, and utilities.
Jim Fitterling, CEO of Dow, said: “We are taking these actions to further optimise our cost structure and prioritise business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe.”
Just two days prior to Dow’s announcement, 3M said it will cut 2,500 manufacturing jobs from its global workforce (about 2.6%), in part due to macroeconomic challenges but also because of a decline in consumer demand, continuing from last year.
“In a year impacted by inflation, global conflicts, and economic softening, our team took actions to position 3M for future success,” said Mike Roman, CEO of 3M. The company has already divested its food safety business and committed to exiting PFAS manufacturing by 2025.
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