Boston Scientific Corporation to Lay off 900 to 1,000 in a Bid to Save Roughly $100 Million by Year-End
Published: Jan 29, 2013
In announcing its fourth quarter earnings Tuesday, Boston Scientific (NYSE:BSX) also announced that it was reducing its workforce by 900 to 1,000 people worldwide, a move that will lower pre-tax operating expenses by $100 million to $115 million by the end of the year. The reduction will occur through a mixture of attrition and layoffs. A company news release did not mention in which divisions and where the jobs would be lost. Boston Scientific, which garners most of its revenues from U.S. sales has been hurt by the recession as well as lower utilization of its products, especially in the cardiac rhythm management division. The current restructuring expands upon a 2011 belt-tightening plan in which the company announced it would lay off up to 1,400 positions and save between $225 million to $275 million annually by 2013.