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September 30, 2014

Medtronic cutting 1,000 jobs despite growing profits

The Fridley-based medical device maker plans to eliminate positions in facilities around the globe, including 220 positions at its Mounds View-based division. Medtronic’s CFO told the Pioneer Press the cuts are part of a plan to shift “resources from slower-growing markets to faster-growing markets.”

Meanwhile, Medtronic reports fourth quarter net earnings jumped 28 percent and revenue climbed 3 percent. However, the company continues to struggle with the sale of heart rhythm devices as well as devices used in spine surgery.

A Medtronic spokeswoman told the Business Journal the company plans to hire 1,500 people over the next year, with most of the new jobs in international markets.