Medtronic, Inc. (NYSE: MDT), the world's largest medical technology company, is going to cut about 1,100 jobs over the next year in restructuring effort.
The company-wide cut will take place in businesses where growth has slowed.
The company founded in 1949 by Earl Bakken and Palmer Hermundslie has about 39,500 employees around the world. In spite of this the company plans to add positions throughout the company, particularly in faster-growing businesses and markets.
Medtronic makes a wide array of implantable electronic devices, from the relatively common ICD or implantable cardioverter-defibrillator, to devices for managing urinary incontinence and obesity to name just a few.
The most promising area is neuromodulation business, which includes electrical devices with wires implanted in the brain to treat certain disorders.