Medtronic cuts costs
This article was originally published in The Gray Sheet
Executive Summary
Planned elimination of 900 positions is part of an ongoing restructuring effort aimed at saving $125 million annually and is expected to be complete by next April, the firm discloses in a Sept. 5 10-Q filing with the Securities and Exchange Commission. The reductions in force, of which about 350 had been achieved as of July 27, will include early retirements, and voluntary and involuntary separations. The effort, which began earlier this year, includes driving manufacturing efficiencies in the firm's cardiovascular business, downsizing its Physio-Control external defibrillator unit and rebalancing resources in its cardiac rhythm disease management business "in response to current market dynamics," the firm explains (1"The Gray Sheet" Aug. 27, 2007, p. 4)...