Drug Delivery Business

3M lays off another 1,700 workers, many related to former drug delivery business

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3M3M (NYSE:MMM) laid off another 1,700 workers during its second-quarter — with many of the jobs related to the company’s divested drug delivery business.

The layoff — announced as part of an SEC filing on July 28 — comes after the Maplewood, Minn.–based manufacturing conglomerate said early this year that it would lay off 1,500 workers — though a company spokesperson tells MassDevice that the number is now closer to 1,100 after some natural attrition.

3M announced in late 2019 that it would sell the drug delivery business to Altaris Capital Partners — completing the $617 million deal in May. Roughly 1,300 of the jobs in the new layoff came amid restructuring of corporate functional costs and manufacturing footprint now that the deal is complete.

Get the full story on our sister site MassDevice. 

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About Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at cnewmarker@wtwhmedia.com.