Boston Scientific Corporation (BSX) to Reduce Staff by Up to 1,400  
7/28/2011 8:00:00 AM

Medical device maker Boston Scientific reported a better-than-expected second-quarter profit Thursday and announced it would reduce its staff by between 5 and 6 percent to streamline operations. The company announced a global restructuring program to eliminate unnecessary administrative positions and automate some production work. The company expects to shed between 1,200 and 1,400 employees by the end of 2013 through layoffs and attrition. Boston Scientific expects the cuts to save between $225 and $275 million annually, some of which will be invested in other areas of the company. The company didn't specify which divisions would be cut.