Interventional device developer Boston Scientific of Natick, MA, announced that it will eliminate 2,300 positions worldwide over the next year in an effort to boost its bottom line.
The affected positions represent 13% of the company's 18,000-person workforce as of June 30, 2007. Layoffs will begin this month and will be completed by the end of 2008.
In addition, the company plans to restructure or sell several of its business units. It will reduce its operating expenses against a 2007 baseline of approximately $4.1 billion by an estimated $475 million to $525 million in 2008, a reduction of 12% to 13%. In 2009, the company plans to further reduce its expenses by $25 million to $50 million.
By AuntMinnie.com staff writers
October 18, 2007
Related Reading
Boston Scientific amends credit, prepays loan, August 23, 2007
Boston Scientific mulls sale of cardiac, vascular surgery businesses, August 17, 2007
Boston Scientific to keep Endosurgery unit, August 3, 2007
Boston Scientific begins Taxus Element stent trial, July 20, 2007
Boston Scientific brings Taxus Express² to Japan, May 8, 2007
Copyright © 2007 AuntMinnie.com
