Industrial products group 3M said it plans to shed jobs globally as it restructures the business, and reduced this years earnings guidance after it reported first-quarter earnings that missed Wall Street expectations.
The conglomerate, whose products range from Post-it notes and Magic Tape to the reflective material for road signs, pointed to slowing economic conditions in key markets, such as China, and litigation-related charges as key factors in its sub-par performance in the first three months of this year.
The news sent shares tumbling more than 9 per cent before the US market opened on Thursday, a drop that would put it on track for its biggest one-day fall since 1997. The decline was weighing heavily on futures for the Do…
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