Smith & Nephew Inc. (SNN) to Lay Off 100 Workers
2/1/2013 8:31:23 AM
Smith & Nephew Orthopedics is laying off an estimated 100 employees in Memphis and Andover, Mass., citing the 2.3 percent excise tax on orthopedic device companies as the reason. Joe Metzger, senior vice president of corporate communications for Smith & Nephew, said the tax is impacting “a number of companies across the U.S.” “Smith & Nephew is not immune from this added expense burden,” Metzger said in a statement. “Unfortunately, and in order to absorb this cost burden into our business, this has meant less than 100 positions have been made redundant across various departmental functions in our Tennessee and Massachusetts sites. The company is providing the affected employees with a comprehensive severance package and outplacement support.” Smith & Nephew employs an estimated 1,815 people in Memphis, according to Memphis Business Journal research. Metzger declined to reveal how many of the roughly 100 layoffs occurred in Memphis. A report in the Memphis Daily News, quoting anonymous sources, said there were 60 local jobs lost.