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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.

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St. Jude Medical (NYSE:STJ) 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."

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