Natick-based Boston Scientific Corp., facing flagging sales for its two key product lines, has announced that will eliminate 2,300 jobs, or 8 percent of its worldwide workforce, restructure parts of its business, and go forward with plans to shed some less-critical assets.
The Natick maker of medical devices said it expects the cuts, set to begin this month and be substantially completed by 2008, will help it reduce annual expenses by 12 to 13 percent, boost profits, and make it easier to cope with the firm's crushing $8 billion in debt, staff writer Todd Wallack reported in the Globe's Business section.
Boston Scientific, the state's third-largest life sciences company, behind Thermo Fisher Scientific Inc. and Biogen Idec Inc., did not say where the job cuts will be made. But only 2,400 of its 28,000 workers are in Massachusetts, suggesting that a fraction of the layoffs will be in the Bay State. Boston Scientific employs nearly 1,000 at its corporate headquarters in Natick and about 1,000 at its endosurgery unit in Marlborough, which makes products for minimally invasive surgery.
Another 500 employees work at the Quincy distribution center, but some analysts think Minnesota, where the company's stent business is based, could bear the brunt of the layoffs.
"I don't think it will have a significant impact at all on total employment in the medical device industry in Massachusetts," said Thomas J. Sommer, president of the Massachusetts Medical Device Industry Council.
Read more about the looming cuts at Boston Scientific on Boston.com.
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