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Medtronic To Trim 900 JobsMemphis Business Journal
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September 6, 2007
Medtronic Inc. will cut roughly 900 employees through early retirement packages and voluntary and involuntary separations, according to a recent SEC filing.
None of the cuts are expected to impact Memphis employees.
The cuts are expected to generate $125 million in savings for the medical device company.
As of July 27, the company had cut 349 jobs at its Minneapolis headquarters. The cuts are to be completed by April 2008.
Medtronic Inc. (NYSE: MDT) reported revenue of $3.1 billion for the fiscal first quarter ending July 27, a 7 percent increase compared to $2.9 billion for the year ago quarter.
Medtronic's Spinal & Biologics unit is based in Memphis, where it employs about 1,300 people.
http://www.bizjournals.com/memphis/stories/2007/09/03/daily14.html
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