Minnesota Based 3M is Laying Off 1,500 Workers

3M has announced that due to weak financial results, they are laying off 1,500 workers across the globe. The St. Paul, MN company's sales and earnings missed what they projected and it appears to be a slower 2020 for their business. The jobs cut equal about 1.5% of their workforce, according to CNN.

One of the contributing factors for their weak financial results is the ongoing trade war with China. The company acknowledged it would be an issue in October of 2018, and things have not improved.

Now the company is restructuring to ease fears from investors as their shares have seen drops in the recent months.

3M was formally known as Minnesota Mining and Manufacturing company. They make products such as post it notes, insulating materials, window films, medical products, healthcare software, and more.

The company is a conglomerate with locations in 70 countries across the world. It has local ties as well with it being founded as a mining company in Two Harbors in 1902,