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Stryker on track for 1,000 layoffs ahead of medtech tax

Tue, 11/20/2012 - 11:59am
Mass Device

Stryker is on track for the 5% workforce reduction that the company said it would conduct before the end of this year in anticipation of a $150 million tab for compliance with the medical device tax taking effect January 1.

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Orthopedic giant Stryker is on track with the previously announced layoffs that the company blamed on the 2.3% medical device tax slated to take effect in January.

The layoffs, which Stryker announced around this time last year, are being conducted on a rolling basis and the company expects to free up more than $100 million in costs before next year.

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