Boston Scientific Corp. will cut about 2,300 jobs, or 8 percent of the medical device maker's work force, and restructure operations to reduce annual operating expenses by about $500 million (352 million EUR) next year.
The moves follow a series of setbacks for Boston Scientific, including downturns in markets for two key heart devices that led the company to announce in July it was preparing the cost-cutting plan unveiled Wednesday.
Boston Scientific said in a news release after markets closed that the moves "will help provide better focus on core businesses and priorities, which will strengthen Boston Scientific for the future and lead to increased, sustainable and profitable sales growth."
Boston Scientific, which has a total work force of 28,000, said the job cuts would begin this month, and are expected to largely be completed by the end of next year.
In addition to the 2,300 jobs being cut in Wednesday's announcement, another 2,000 or so employees are leaving the Natick, Massachusetts-based company as a result of previously disclosed moves to sell off business units.
Boston Scientific also said it "plans to restructure several businesses and product franchises in order to leverage resources, strengthen competitive positions, and create a more simplified and efficient business model."
Wednesday's job cuts are in line with the expectations of analysts, who recently had predicted cuts ranging from 4 percent to 12 percent of the company's work force.
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