Medical Device Manufacter Boston Scientific Sheds 2,300 Jobs
Not to be outdone by big pharma, Boston Scientific, the medical device manufacturer that specializes in metal and drug-coated stents (which have recently garnered their fair of negative publicity in cardiovascular circles) anounced that it would be cutting about 2,300 jobs or 8% of its workforce. The company did not specify exactly which employees would be laid off but it expects to save about $500 million dollars after the job cuts take effect.
Boston Scientific's recent acquisition of Guidant coupled with weakness in its core stent franchise has saddled the company with $8 billion in debt. In addition to the job cuts, the company is “actively seeking buyers” for its actively seeking buyers for some of its business lines, including its cardiac surgery and vascular surgery businesses.
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