Layoffs: Boston Scientific to cut up to 1,500 jobs

October 23, 2013 by Arezu Sarvestani

Medical device giant Boston Scientific announces that it will cut between 1,100 to 1,500 employees worldwide under a new restructuring program aimed at streamlining its operations.

Layoffs: Boston Scientific to cut up to 1,500 jobs

In regulatory filings issued late Wednesday evening Boston Scientific (NYSE:BSX) announced that it plans to cut up to 1,500 employees from its global workforce before the end of 2015.

The cuts are part of the company's plan to streamline operations, including efforts to "eliminate bureaucracy, increase productivity and better align resources to business strategies and marketplace dynamics."

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The medical device giant hasn't yet announced which divisions will be pared, but promised to develop plans to outline employee impacts for each region.

"The Program is intended to build on the progress the Company has made to address financial pressures in a changing global marketplace, further strengthen its operational effectiveness and efficiency and support new growth investments, according to Boston Scientific regulatory documents. "Key activities under the Program include continued implementation of the Company's ongoing Plant Network Optimization (PNO) strategy, continued focus on driving operational efficiencies and ongoing business and commercial model changes."