3M to cut roughly 1,500 positions in midst of company restructuring

3M announced restructuring plans that include reducing and eliminating roughly 1,500 positions.

The Maplewood-based company made the announcement Tuesday after reporting fourth-quarter profits that failed to meet Wall Street expectations.

The company reported its income fell to $969 million from $1.35 billion during the same time a year ago.

3M reported taking a hit from hefty restructuring and litigation charges.

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Company officials said, as a result, 3M "will reduce approximately 1,500 positions, spanning all business groups, functions and geographies."