Masks sold out 3M company still laid off 1500 people

According to the U.N official wechat news on February 8, the World Health Organization said that the world is facing a long-term shortage of personal protective articles such as masks and gloves The current demand is 100 times the normal level, and the price is more than 20 times the normal level The stock ran out and the backlog reached four to six months At the beginning of 2020, "Mask" has been scheduled for the annual hot words Tiktok novel coronavirus was used to make a voice Now, after wearing the new mask and the "KN95 N95" N90, the mother upstairs can give you a lesson In addition to the mask itself, 3M company is also on fire with the mask Opening the official flagship store of 3M company, the mask column has been empty for a long time, and even gas masks are only welding masks Although 3M sold out of masks, it still had to lay off workers 3M said recently that it plans to cut 1500 jobs globally in 2020, covering all businesses, functions and regions, due to environmental protection litigation and other expenses, and its fourth quarter profit is lower than the market expectation On January 28, 3M released its performance report for the fourth quarter of 2019 and the whole year Throughout 2019, 3M's total revenue was $32.1 billion, down 1.9% from 2018 In terms of net profit, the net profit attributable to 3m shareholders in the fourth quarter was US $970 million, down 28.1% compared with us $1.35 billion in the same period last year The decrease in net profit is mainly due to the large litigation related costs incurred by the company in 2019, of which $214 million of litigation related chemicals pre tax costs are included in the fourth quarter report 3M company is a century old store, but its birth has nothing to do with masks In 1902, five young people from Minnesota gathered to set up a mining company to mine an ore called corundum, which is used to produce grinding wheel abrasives At that time, our name was twenty-eight years of Guangxu When the company was founded, it was named Minnesota Mining and Manufacturing Co because all three words begin with m, which is called 3M for short It wasn't until 1967, the 66th year of 3M's birth, that masks were produced At present, there is a shortage of masks in China, and some citizens suddenly want to replace them with women's bras In fact, the birth of 3M masks is really related to women's underwear At that time, 3M company developed the proprietary technology of non-woven fabric and electrostatic fiber filter cotton, and tried to use this technology to develop products An ordinary employee got inspiration from the disposable underwear of women, and proposed to develop a kind of things covered on the nose and mouth to protect workers in mining, smelting and other harsh working environment The 3M mask came into being But in 3M's business, masks make up only a small part of it In terms of product quantity, according to the official website, 3M company has developed nearly 70000 kinds of commodities, involving industry, chemical industry, electronics, electricity, communication, transportation, automobile, aviation, medical and other fields Masks account for only a few of the nearly 70000 commodities According to 3M's financial report, 3M's business is currently divided into four main departments: safety and industrial products, transportation and electronics, medical and health care, and consumer goods According to the latest financial report for the fourth quarter of 2019, the revenue of safety and industrial products, transportation and electronics sector is still the most important source of revenue for 3M, which is 2.811 billion US dollars and 2.29 billion US dollars respectively, accounting for 62.9% of the total revenue The growth rate of medical and health revenue in the fourth quarter was significant, reaching US $2.14 billion, up 25.4% year-on-year However, masks only account for a small part of 3M's medical and health business, and even the financial statements need not disclose its sales volume and revenue Although 3M's masks account for a small proportion of the business, they still rank first among all brands In the near future, Zhiyan consulting released the market survey and Development Trend Research Report of China's mask industry in 2019-2025, which announced the top ten brand enterprises of masks in 2019, among which 3M China Co., Ltd was listed, in addition to the three-dimensional enterprises of lvdun mask, Honeywell, ewith and Kowa Although 3M mask brand is well-known, but the mask Market in China is still dominated by domestic enterprises According to the data of China industry information network, in the market share of masks in China, foreign-funded enterprises only account for 5%, and the overall situation is relatively scattered There are few influential brands of masks, and the market share of industrial enterprises is relatively low, with less than 20% of the top three brands In the whole mask market, medical masks account for 52% According to the statistical data released by the State Food and drug administration, as of February 3, 2020, the total number of production approvals of domestic enterprises of medical masks in China has reached 575, involving 361 production enterprises.