Stryker Corporation (SYK) on Track for 1,000 Layoffs Ahead of Medtech Tax
11/21/2012 8:52:49 AM
Stryker is on track for the 5% workforce reduction that the company said it would conduct before the end of this year in anticipation of a $150 million tab for compliance with the medical device tax taking effect January 1. Orthopedic giant Stryker is on track with the previously announced layoffs that the company blamed on the 2.3% medical device tax slated to take effect in January. The layoffs, which Stryker announced around this time last year, are being conducted on a rolling basis and the company expects to free up more than $100 million in costs before next year. Stryker spokeswoman Tamara Cutler confirmed with reporters that the layoffs were underway as planned. "The estimated 5% workforce reduction was announced in Nov. 2011 and at that time, we had approximately 20,000 global employees, so the 5% was estimated to be about 1,000 employees," Cutler told mLive, dispelling rumors that surfaced over the weekend putting layoff figures closer to 1,200 employees.