Smith & Nephew announced Thursday it is cutting 7 percent of its 11,000-person global workforce.
Bloomberg reports the London-based medical device maker, which has its orthopedics division based in Memphis where it employs about 2,000 people, also beat analyst estimates in its fourth quarter earnings report and expects difficult market conditions to continue through 2012. Earnings were 21.9 cents per share, surpassing the average analyst estimate of 21 cents.
The layoffs will occur over a three-year span and include 220 positions cut to date. The move is an effort to save $150 million per year, according to the report. Smith & Nephew laid off 80 Memphis workers in December.