US manufacturer 3M, best known for the Post-It note, has axed 500 jobs in the UK after reporting a 7% fall in first quarter profits.

The announcement comes as the company, also known as the Minnesota Mining and Manufacturing Company, begins a global restructuring that will cut 5,000 people, or 7% of its workforce, from its payroll.

3M has 18 sites in the UK including one near Swansea in South Wales, Loughborough and a head office at Bracknell in Berkshire.

A spokesman said he hoped the UK job losses could be achieved through voluntary redundancies.

The first jobs will be lost in about three months.

Result of losses

"While no one likes to eliminate jobs, this action is consistent with our resolve to achieve solid growth, make the whole organization faster, and advance 3M to an even higher level," W. James McNerney Jnr, chairman and chief executive, said in the US on Monday.

About half of the 5,000 jobs cut will be outside the United States.

The restructuring is expected to provide annual pre-tax savings of about $300m once the plan is completed, Mr McNerney said.

For the quarter ended March 31, 3M earned $453m.

3M's products range from Post-It notes and Scotch tape to industrial adhesives and fibre optic connectors.