"Boston Scientific to cut up to 1,500 more jobs" by Robert Weisman | Globe Staff October 23, 2013
On top of the 1,000 they already cut?
Medical device maker Boston Scientific Corp. plans to eliminate between 1,100 and 1,500 jobs worldwide during the next two years, in a new round of cuts aimed at shaving operating costs by $150 million to $200 million through 2015, the company said Wednesday.
In a regulatory filing, Boston Scientific said the restructuring move — its third since 2011 — aims to “build on the progress the company has made to address financial pressures in a changing global marketplace.” In particular, the Natick company said, it wants to strengthen operations by simplifying manufacturing and consolidating production lines....
A company spokesman declined to elaborate on the plans outlined in the SEC filing. Boston Scientific executives are expected to discuss the restructuring with analysts Thursday as part of the third-quarter earnings report.
The report has been highly anticipated because, after years of struggling with declining revenue, Boston Scientific appeared positioned for a return to sales growth.
Though overall revenue edged down 1 percent in the second quarter, higher sales in its Marlborough-based endoscopy division as well as the neuromodulation business unit pointed to a rebound. Second-quarter profits of $130 million also beat analysts’ projections....
Oh, so they are still making money?
The company, facing stiff competition and declining profit margins, said in 2011 that it planned to eliminate about 1,000 jobs during a two-year-period. Last January, Boston Scientific said it would cut 900 to 1,000 more positions.
Those overlapping reductions are currently winding down and are expected to be completed by the end of 2013 — just in time for the new cuts to start.
--more--"
Also see: Boston Scientific expects to add jobs in Mass.
It's at someone else's expense, but who cares about that or the mixed f***ing message? We got ours!
At least the CEOs are being taken care of.
Related: Boston Scientific turns the corner
I just turned one myself.
