Medtronic to eliminate 1,500 to 2,000 jobs

[February 22, 2011]  WASHINGTON (AP) -- Medtronic, the world's largest medical device maker, says it will lay off up to 2,000 workers as part of a restructuring effort amid sluggish sales of its implants.

The company says the cuts are aimed at achieving "long-term sustainable growth" and will reduce its work force by 4 to 5 percent.

The Minneapolis-based device maker has scaled back its earnings estimates twice in the past year, as hospital belt-tightening and unemployment have decreased medical procedures across the U.S.

The layoffs announcement came as Medtronic reported third-quarter adjusted earnings of $922 million, or 86 cents per share, which was slightly better than Wall Street estimates.

Analysts polled by FactSet expected earnings per share of 84 cents on sales of $3.97 billion.

[Associated Press]

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