Boston Scientific Corp. (NYSE:BSX) will eliminate up to 1,400 jobs in a restructuring program aimed at saving between $225 to $275 million annually by 2013.
The company made the announcement this morning in conjunction with its second quarter earnings release. The cuts are expected to begin during the current quarter.
BSX officials said the cuts are “designed to strengthen operational effectiveness and efficiencies, increase competitiveness and support new investments, thereby increasing shareholder value,” in a prepared release.
BSX said it earned $146 million on $1.75 billion in sales during the three month period ended on June 30, 2011, compared to a $98 million profit on $1.93 million in sales during the same period last year.