Boston Scientific announces layoffs
Natick-based Boston Scientific Corp. laid out a restructuring plan for its cardiac rhythm management (CRM) research and development resources, resulting in the reduction of 500-600 jobs from its CRM workforce.
The majority of the layoffs will occur at the firm's CRM facility in Arden Hills, Minnesota. Positions will be eliminated in research and development as well as a number of other functions. The plan is anticipated to result in after-tax costs of approximately $70 million, which includes change-in-control payments related to last year's acquisition of Guidant.
The plan is designed to regain market share and build on an initiative started last year to regain trust and confidence in the company's CRM Group. The plan will focus on a more selective number of research and development projects that best meet the needs of physicians and their patients.
"This plan will shift resources from less productive projects to more productive ones, reinvigorating our product pipeline and driving top-line growth," said Jim Tobin, CEO of Boston Scientific.
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