A Medical Device Daily
Med-tech giant Medtronic (Minneapolis) said yesterday it plans to reduce its global workforce by 1,500 to 1,800 employees, in an effort to streamline operations and to further align the company with its long-term growth outlook.
The company said the reduction includes about 400 U.S. employees who have accepted early retirement or voluntary separation agreements and who will complete their employment with Medtronic by May 29. The majority of the reduction is expected to be complete by June 30.
In addition, the company plans to add roughly 700 positions, primarily in sales and research and development functions, during the course of the fiscal year.
Medtronic recorded a restructuring charge of $27 million related to the workforce reduction and realignment in its fourth quarter, ended April 24. The company said it also would record a restructuring charge in the first quarter of its current fiscal year.