Medtronic CFO: We'll strip another $1.2B in costs over 5 years

November 28, 2011 by MassDevice staff

Medtronic CFO Gary Ellis tells BusinessWeek that the company will look to shave $1.2 billion in costs over the next five years, on top of the $1 billion in cuts it's just winding up now.


Medtronic (NYSE:MDT) CFO Gary Ellis said the world's largest pure-play device maker plans to shave at least $1.2 billion in costs from its operations, even as the company closes out a five-year, $1 billion initiative that lowered its expenses by 25 percent.

Ellis said the new initiative is aimed at slashing another 25 percent from the budget, which could lead to as much as $1.3 billion in savings, Ellis told BusinessWeek.

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