Medtronic cutting 500 jobs in Minnesota, 2,000 total (Twin Cities.com)
Fridley-based Medtronic is eliminating 2,000 jobs worldwide including about 500 positions in Minnesota.
The medical device manufacturer announced the job cuts during a conference call Tuesday, May 21, to discuss fourth-quarter earnings results.
About half the worldwide cuts are hitting the company's workforce in the United States, said Gary Ellis, the company's chief financial officer. Many cuts in the U.S. and around the world are related to consolidation in manufacturing, Ellis added during the conference call.
Cindy Resman, a Medtronic spokeswoman, wrote in an email that about two-thirds of the reductions already have taken place. The company is offering severance and out-placement services to affected employees, she wrote this morning.
The goal of the restructuring announced Tuesday is to "align people to where the growth opportunities are," said Omar Ishrak, the company's chief executive officer, during an interview. He added: "There are instances where we can consolidate manufacturing facilities and leverage the scale of a bigger facility for reduced cost."
Medtronic is one of the world's largest medical-d...
