Medtronic: More job cuts ahead in 2012

September 14, 2011 by MassDevice staff

Medtronic has already cut more than 1,400 positions in 2011 and is looking to shed about 2,100 positions overall, according to regulatory documents.

Medtronic

Medtronic Inc. (NYSE:MDT) is looking to eliminate about 700 more jobs by the end of its current fiscal year through layoffs and early retirement offers, according to regulatory documents.

The moves are part of a restructuring initiative the company announced in February to reduce its global workforce by 5 percent.

"In connection with the fiscal year 2011 initiative, as of the end of the fourth quarter of fiscal year 2011, the company had identified approximately 2,100 positions for elimination to be achieved through voluntary early retirement packages offered to employees, voluntary separation, and involuntary separation," officials wrote in regulatory documents filed with the federal Securities & Exchange Commission. "Of the 2,100 positions identified, approximately 1,400 positions have been eliminated as of July 29, 2011. The fiscal year 2011 initiative is scheduled to be substantially complete by the end of the fourth quarter of fiscal year 2012."

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The cuts, announced last winter, are meant to "align its cost structure to current market conditions and continue to position Medtronic for long-term sustainable growth."

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