3M (NYSE: MMM) CEO Mike Roman continues to restructure the company with a view to turning around the company's performance, something that's a key part of the investment case for the stock. The latest actions, announced today, will lead to a restructuring which will, according to the company, "impact approximately 2,900 positions globally." Roman said that, as a result of its new operating model launched in January, management saw an opportunity to streamline the company for growth. The changes made in January involved the company's business groups being run globally instead of priorities being set by area and country teams. Image source: Getty Images. Digging into the details of the latest actions, we find: A total pre-tax charge of $250 million to $300 million; $120 million to $150 million will come in the fourth quarter of 2020. The remaining charge is expected to be taken in the second half of 2021. The actions are expected to result in $200 million to $250 million in annual pre-tax savings. For 2021, management is expecting $75 million to $100 million in pre-tax savings. The company said in its press release: With the actions 3M is announcing today, the company will further enhance its operations and marketing capabilities. In operations, 3M will eliminate redundancies and better use analytics to drive additional efficiencies. In marketing, 3M will build on its success in utilizing data insights, accelerating global marketing programs, and activating digital engagements with customers. 3M will be better positioned to take advantage of global market trends in e-commerce, personal safety, health care, automotive electrification, and home improvement. At the same time, the company plans to de-prioritize investments in end markets where growth is slower. What it means to investors 3M's fourth-quarter 2020 results are going to be negatively impacted by the charges, and the savings generated in 2021 won't offset the charges to be taken in the second half of the year. On the other hand, stocks are bought for their long-term earnings potential and annualized savings of $200 million to $250 million would represent 3%-3.8% of the company's $6.64 billion in adjusted pre-tax profit in 2019. As such it's probably a net win for investors, and more evidence of management's determination to turn around performance. 10 stocks we like better than 3MWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and 3M wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Lee Samaha has no position in any of the stocks mentioned. The Motley Fool recommends 3M. The Motley Fool has a disclosure policy.Source