Medtronic plans to reduce its global work force by 1,500 to 1,800 employees, in an effort to further align with its long-term growth outlook by cutting costs.
The reduction includes approximately 400 U.S. employees who have accepted early retirement or voluntary separation agreements and who will complete their employment by May 29, according to the Minneapolis-based company.
Medtronic expects the majority of the reduction to be completed by June 30. In addition, the company plans to add approximately 700 positions, primarily in sales and research and development functions, during the course of the fiscal year.
The company, which employs about 39,000 people globally, recorded a restructuring charge of $27 million related to the workforce reduction and realignment in its fourth quarter, which ended April 24. The company also will record a restructuring charge in the first quarter of its current fiscal year.