Boston Scientific Corp. announced plans to eliminate another 1,100 to 1,500 jobs through 2015 as part of a new restructuring program. The company made the announcement through a filing with the Securities and Exchange Commission.
Bloomberg reports that the reorganization builds on a program that was announced in 2011 and expanded in January. The new job cuts should reduce operating expenses by $150 to $200 million, before taxes, by the end of 2015.
The filing did not specify how many cuts would take place in Minnesota where it employs around 5,000 in two major divisions. Globally the company employed 24,000 at the start of the year.
Reuters reports that it expects to take a restructuring charge of about $30 million in the current quarter.
Boston Scientific said in the filing, "The program is intended to build on the progress the company has made to address financial pressures in a changing global marketplace, further strengthen its operational effectiveness and efficiency and support new growth investments."
Investors have taken positively to Boston Scientific's restructuring efforts since Mike Mahoney took charge of the company's turnaround effort, as share prices have more than doubled for the medical device maker.
The company is slated to report third-quarter earnings on Thursday.