Thread regarding Medtronic Inc. layoffs

Star Tribune warns of "unspecified staff reductions"

"...Medtronic is undertaking a restructuring that will cut costs by $450 million to $475 million annually and include an unspecified number of job cuts.

The medical device giant — based in Ireland but mainly run from Fridley — is adopting a “new operating model [that] will simplify Medtronic’s organizational structure and accelerate decisionmaking and execution,” according to a filing Tuesday with the U.S. Securities and Exchange Commission (SEC).

The annualized cost savings of up to $475 million will be achieved by Medtronic’s fiscal-year 2023.

Due to the restructuring, the company will also incur pretax costs — including severance — of $400 million to $500 million, the majority to be recognized by the end of its 2022 fiscal year.

In response to a query from the Star Tribune, Medtronic acknowledged that the restructuring would entail job cuts, and that affected employees are being notified. The company declined to release any job-cut numbers or locations...."

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