As part of a restructuring plan, Boston Scientific says it will be reducing “900 to 1,000 positions worldwide” to reduce expenses.
The news came Tuesday as the Massachusetts-based business announced its fourth quarter and 2012 year end financial results that indicated sales were down one percent from 2011.
The job cuts will take place “through a combination of employee attrition and targeted headcount reductions,” Boston Scientific said in a press release.
No immediate information was provided about whether job reductions would take place locally at the Maple Grove or Plymouth Boston Scientific locations.
“Plans detailing specific employee impacts will be developed for each affected region and business, and the company will work with employee representative bodies where required under local laws,” Boston Scientific said a press release.
Boston Scientific has about 4,500 employees in the Twin Cities and 24,000 workers globally, according to the Minneapolis/St. Paul Business Journal which reported Boston Scientific had 1,400 job cuts in 2011.
"We are pleased but not satisfied with our improved performance in the quarter," said Mike Mahoney, president and chief executive officer, Boston Scientific. "We continued to enhance our growth portfolio, expand in the emerging markets, and implement operational changes to improve our execution and sharpen our customer focus. I am confident we are taking the critical steps that are needed to return our company to long-term growth."
Boston Scientific has Minnesota locations in Maple Grove, Plymouth and St. Paul.
In the news:
- Boston Scientific to cut up to 1,000 more jobs (Minneapolis/St. Paul Business Journal)