St. Jude lays off another 500 amid ongoing company-wide overhaul

St. Jude Medical plans to lay off an additional 500 employees as it restructures its product divisions into 2 new units, focusing on cardiovascular and ablation technologies and implantable electronics.

St. Jude Medical [1] (NYSE:STJ [2]) today announced that it will terminate another 500 employees, representing 5% of its global workforce, as the company undergoes a massive overhaul.

The additional layoffs come as the medical device giant centralizes support functions around 2 new operating units that it's forming in line with its "2012 Business Realignment Plan."