Medtronic is eliminating 230 jobs in its Memphis, Tenn.-based division for devices used in spine surgeries.The Fridley-based medical device manufacturer employs about 8,000 in Minnesota, but the spine job cuts don’t including any workers here, said Cindy Resman, a Medtronic spokeswoman, on Thursday, May 2.Medtronic’s fiscal year ended in late April. When the company has cut jobs in recent years, the announcements typically have come shortly after the close of a fiscal year. The company plans to announce earnings May 21.
“Like most companies, we will continue to evaluate our markets and organization structure to look at areas where efficiency can be improved throughout,” Resman said in a statement. “This may require us to shift resources from low-growth to high-growth areas to optimize performance and are a normal course of business.”
During Medtronic’s third quarter, which ended in late January, the company reported $753 million in spine sales, down 3 percent from the third quarter in the previous year. The division’s results lagged that of the company overall, since Medtronic’s total third-quarter revenue was just over $4 billion, a 3 percent increase over the previous year.In the spine business, Medtronic is looking to reduce overall costs by about 5 percent through a number of actions including employee reductions, Resman said. The division employs 5,600 worldwide.At the same time, Medtronic is hiring. Currently, the company has 452 jobs postedon its careers website from across Medtronic, Resman noted, adding that some of the jobs are in the spine business.
Source:Christopher Snowbeck.http://www.twincities.com
Medtronic to cut spine division jobs
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