Stryker Corp. to complete planned layoffs of 1,000 workers by end of 2012 (Michigan Live)
Stryker Corp.'s planned layoffs of 5 percent of its global workforce are on track to be completed by the end of 2012.
Over the weekend, news reports put the total number of layoffs at 1,170, but Tamara Cutler, vice president of public affairs, said in an email that figure was inaccurate.
"The estimated 5 percent workforce reduction was announced in Nov. 2011 and at that time, we had approximately 20,000 global employees, so the 5 percent was estimated to be about 1,000 employees," wrote Cutler.
"The reductions are still expected to be complete by the end of 2012," added Cutler.
The Kalamazoo-based medical device maker first announced the layoffs in November 2011 to "provide efficiencies and realign resources in advance of the new Medical Device Excise Tax scheduled to begin in 2013," a press release said at the time, "as well as to allow for continued investment in strategic areas and drive growth despite the ongoing challenging economic environment and market slowdown in elective procedures."
In one sign that challenging environment continues, Stryker just missed Wall Street earnings forecast...
