Medtronic to Cut 56 Local Jobs

The Memphis-based Spinal and Biologics division of Medtronic Inc. has notified the Tennessee Department of Labor and Workforce Development that it intends to lay off up to 56 people beginning Aug. 17.

The move is part of a previously announced reduction, said Victor Rocha, public relations manager for the Memphis division.

Medtronic announced in May that it was reducing its global work force by 1,500 to 1,800 employees to streamline operations.

The company, which is headquartered in Minneapolis, had 38,000 employees worldwide with about 1,600 of them working in Memphis before the reduction.

The announcement of the layoffs was made May 19, the same day the company released annual and quarterly earnings reports. Although Medtronic had an 8 percent increase in yearly revenue, the company’s fourth quarter sales decreased 1 percent.

The company said the reduction is “an effort to streamline operations and to further align the company with its long-term growth outlook.” However, the company also said at the time that it planned to add about 700 positions in sales, marketing and development function during its current fiscal year, which began April 25.

Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button