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Layoffs: Medtronic to cut another 500 jobs in hopes of saving $125M per year

Thu, 09/06/2012 - 1:37pm
Mass Device

Medtronic is half-way through a 2012 restructuring plan, expecting to cut another 500 positions in hopes of saving up to $125 million per year.

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Medtronic (NYSE:MDT) is halfway through a 2012 restructuring plan in which the company expects to let go of 1,000 employees from divisions around the world.

The initial 500 positions were cut before the end of July, with another 500 to go before the end of 4th quarter of 2013, according to the company's latest financial report.

The layoffs are designed to save general, administrative and indirect distribution costs from certain business units so that Medtronic can focus its attention in areas where it expects faster growth, such as in emerging markets and new therapies, the medical device company reported.

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