Earlier this week, the Marlborough, Massachusetts-based medtech giant shared details of a restructuring plan that likely includes headcount reductions.
Boston Scientific expects pre-tax charges of approximately $700 million to $800 million from its restructuring. Of that, it expects approximately $600 million to $700 million to result in future cash outlays. This should reduce gross annual pre-tax expenses by approximately $500 million.
The company expects to optimize its supply chain, which includes transferring certain production lines among facilities, targeted functional transformation and organizational structure evolution. It plans to launch these activities in 2026 and substantially complete them by the end of 2029.
Boston Scientific cut its annual guidance this week as well when reporting its second-quarter financial results.
Now, local news sources in Ireland and Costa Rica say the restructuring will impact operations in those regions.
More about the Boston Scientific restructuring abroad
RTÉ in Ireland reports that the country’s Department of Enterprise confirmed receipt of a collective redundancy notification from Boston Scientific on July 22. According to the report, companies must notify the government in cases of 30 or more potential job cuts. However, it remains unclear how many roles the company plans to eliminate in any geography.
Boston Scientific has more than 7,000 employees across sites in Galway, Cork and Clonmel. The company recently announced a €75 million (approximately $88.4 million) investment to expand R&D in Galway. A 2023 investment in Clonmel added 400 jobs as well.
Meanwhile, The Tico Times in Costa Rica reports that the company confirmed that its operations in the country will be affected by the restructuring. The report says, like Ireland, it remains unclear how many employees will face job loss. There is no indication as to which site will face reductions, or when, either.
Boston Scientific’s presence in Costa Rica includes manufacturing plants in Cartago, Coyol and Heredia. It also houses some R&D and research functions in the latter two locations. According to the report, the company previously touted around 10,000 employees in Costa Rica.
It remains unknown how the restructuring may affect U.S.-based operations. (MassDevice checked WARN listings in states in which Boston Scientific has a presence, such as Massachusetts, Minnesota and California, and the company has not yet posted legally required notices of planned reductions.)
