FILE - 3M concern global headquarters is pictured. (Photo by: Michael Siluk/Education Images/Universal Images Group via Getty Images)

Multinational conglomerate 3M will cut 2,500 global industry roles after fourth-quarter profits plummeted due to a slowing economy. 

Mike Roman, chairman and CEO of 3M, said in a descent, "In a year impacted by inflation, global conflicts, and economic softening, our team took actions to position 3M for future success."

But, he added, "We expect macroeconomic challenges to persist in 2023."

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The commerce announced profits fell to $541 million compared to $1.3 billion over the same time in 2021. The earnings statement also informed sales for the quarter slipped 6%, operating cash flow went down 4%, and biological sales growth lost 0.4%.

On the year, 3M's consuming cash flow dropped 25% to $5.6 billion, while adjusted free cash flow also dropped 25% to $4.7 billion.

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The commerce reported the declines were "primarily due to lower net averages and the cash impact from capitalization of R&D for U.S. tax purposes."

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Roman said, "The slower-than-expected growth was due to snappy declines in consumer-facing markets along with significant slowing in China due to COVID-related disruptions."

"As put a question to weakened, we adjusted manufacturing output and controlled costs, which enabled us to development inventory levels," he added.

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