Boston Scientific Corp. (NYSE:BSX) plans to shutter a plant in Doral, Fla., laying off 1,400 workers, The Miami Herald reported.
The Natick, Mass.-based medical devices giant is relocating the Doral operation to a vacant facility in Costa Rica beginning next year, according to the newspaper. The move is slated to finish in 2012.
Boston Scientific initially posted a $200 million third-quarter profit on $2.03 billion in sales during the three months ended Sept. 30. The gain compares favorably with year-ago results, when the company lost $64 million on sales of $1.98 billion and marked its best quarterly profit since posting a $111 bottom line in June 2007.
But the profit swung to a loss after the company settled a case with the U.S. Justice Dept. for $296 million, related to its Guidant acquisition and the recall of two of its implantable cardiac defibrillators. The settlement meant a $294 million charge hit the books for BSX’s 2009 third quarter, reversing the $200 million in Q3 profits into a $94 million net loss. That prompted the company to lower its full-year earnings-per-share guidance buy 20 cents, from $.043-$.048 per share to $0.23-$0.28 per share.