Despite Medtronic's reported 3 percent increase in revenue for the third quarter of 2011, the company has decided to cut between 1,500 and 2,000 jobs from its workforce during the next quarter, according to a company news release.
The company reported $3.961 billion in revenue for the third quarter. It intends to reduce its workforce by 4-5 percent through cost-saving measures that include tighter expense management and voluntary programs to minimize layoffs.
The company is making these changes "to position Medtronic for long-term sustainable growth," according to the release.
Read the news release on the restructuring of Medtronic.
Read other coverage on Medtronic:
- Medtronic Receives First FDA Clearnce in Pediatric AIS Category for CD Horizon Spinal System
- Medtronic's CEO to Retire Next April
- Medtronic Launches KYPHON Express Curette
The company reported $3.961 billion in revenue for the third quarter. It intends to reduce its workforce by 4-5 percent through cost-saving measures that include tighter expense management and voluntary programs to minimize layoffs.
The company is making these changes "to position Medtronic for long-term sustainable growth," according to the release.
Read the news release on the restructuring of Medtronic.
Read other coverage on Medtronic:
- Medtronic Receives First FDA Clearnce in Pediatric AIS Category for CD Horizon Spinal System
- Medtronic's CEO to Retire Next April
- Medtronic Launches KYPHON Express Curette