Medtronic to Trim 1,000 Jobs in Fiscal 2013
Medtronic Inc. is laying off about 1,000 workers worldwide – 250 of which are in the Twin Cities.
The largest division in the Fridley medical technology company has struggled with slumping sales, according to the Associated Press. The company employs about 8,000 people in Minnesota.
The company previously reported a restructuring of its Mounds View-based cardiac rhythm disease management division and that 220 workers there would be laid off. According to a statement from the company, all laid off employees will receive severance packages.
Although the company is laying off 1,000 workers globally, it also plans to add 1,500 jobs, according to Medtronic spokesperson Amy von Walter. Most of those jobs will be in emerging markets like India and China, and Medtronic's U.S. employee count will remain flat or rise slightly.
Medtronic also says its fourth-quarter earnings jumped 28 percent. Revenue topped analyst expectations.
The Associated Press contributed to this report.