The industrial manufacturer made the announcement Thursday as it reported weak sales during its most recent quarter and darkened its outlook for the year ahead.
Sales slid 5% to $7.9 billion last quarter compared to the same time period a year ago. Although sales ticked up in the United States, 3M's largest region, sales dropped more than 9% in Europe, the Middle East and Africa. Those areas make up 3M's second largest region. Sales in Asia also fell more than 7% compared to a year ago.
"The first quarter was a disappointing start to the year for 3M," said Mike Roman, 3M chief executive officer, in a statement. "We continued to face slowing conditions in key end markets."
In addition, 3M (MMM) slashed its full-year guidance.
3M said the job cuts, which represent around 2% of its global workforce, will save the company up to $250 million annually. 3M will spread out the cuts across different business divisions and geographies "with emphasis on corporate structure and underperforming areas."
The stock sank more than 10% in early trading Thursday, which drove down the Dow.
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