With growth starved, Medtronic is cutting jobs
With sales down in key businesses, Medtronic Inc., the world's biggest medical technology company, said on Tuesday that it will eliminate up to 2,000 jobs -- roughly 4% to 5% of its global workforce of 41,000 employees. Officials at Medtronic were unsure just yet how that would affect the company's 8,000 employees in Minnesota. But the company's biggest business -- Mounds View-based Cardiac Rhythm Disease Management --is among its most-troubled. In the third quarter, sales of the unit's heart defibrillators and pacemakers declined 2%, to $1.2 billion. The news comes at a time when a slow economy and uncertainty over the way doctors use some medical devices, how patients pay for them and how regulators approve them weigh heavily on med-tech companies.
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