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St. Jude Restructuring Will Cut 300 Jobs, Save Up To $60 Million In 2013

Move will realign four product divisions into two new operating units to support growth opportunities, help offset impact of 2.3% device tax set to take effect next year.

St. Jude Medical Inc. expects to save $50 million-$60 million annually beginning next year by cutting 300 jobs, consolidating its product divisions and centralizing support functions as part of a reorganization announced Aug. 30.

The move includes realigning the firm’s four product divisions into two new operating units as part of a “comprehensive plan to accelerate our growth,” the firm said.

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