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."
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."
The announcement marks the 2nd mass layoff this year for the Massachusetts medical device giant, which announced in January that it planned to lay off about 1,000 employees as part of its larger restructuring program. The company said at the time that it was expanding a streamlining effort it launched in 2011, under which it had already pared about 1,400 jobs.
Boston Scientific may provide more information on the layoffs tomorrow morning during its quarterly earnings call with financial analysts.
