American industrial products manufacturer 3M is planning to cut 2,900 positions across its global footprint as part of a cost-cutting effort initiated in response to economic headwinds presented by the ongoing COVID-19 pandemic.

“The COVID-19 pandemic has advanced the pace of change and disrupted end markets around the world, increasing the need for companies to adapt faster,” Mike Roman, chairman and chief executive officer of 3M, said in a recent release. “At the same time, we are seeing significant opportunities from our new operating model which we launched at the start of the year. As a result, we are taking further actions to streamline our operations, positioning us to deliver greater growth and productivity as global markets emerge from the pandemic.”

3M’s new operating model was debuted in January 2020. The restructuring activities will take place in all of the firm’s geographies, business groups, and functions. Job cuts are expected to result in pre-tax savings of $200 to $250 million.

The company said it will eliminate redundancies and position the company to capitalize on trends in e-commerce, personal safety, health care, automotive electrification, and home improvement.