Medtronic cuts 2,000 jobs

Medtronic cuts 2,000 jobs Click to Enlarge Photo:

May 21, 2013 at 6:05 pm

MINNEAPOLIS, Minn. (AP) Medical device maker Medtronic confirms it is eliminating 2,000 jobs worldwide, including 500 in Minnesota.

About half of the jobs being eliminated are in the U.S.

A Medtronic spokeswoman says about 65 percent of the job cuts have already occurred. The rest will be eliminated in the current fiscal year that ends next April.

Most of the job losses are in the Fridley-based company's Cardiovascular Group and in its spine business, with nearly half related to Medtronic's efforts to consolidate manufacturing.

The total of 2,000 jobs to be cut includes 230 job cuts Medtronic announced earlier this month at the company's Memphis-based spine facility.

Medtronic shares rose 5 percent Tuesday after the company reported better-than-expected fourth quarter earnings on sales of implantable heart defibrillators and pacemakers.

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