Medtronic Inc., the world's largest maker of heart-rhythm devices, said it has completed half of its planned 1,000 job cuts in an effort to save $100 million to $125 million a year.
The Fridley-based company had eliminated about 500 of the identified 1,000 positions as of July 27, according to a filing Wednesday with the U.S. Securities and Exchange Commission. The remaining job cuts are expected to be finished by the end of the 2013 fiscal year, Medtronic said in the filing.
In May, Medtronic said it recorded a $118 million charge at the end of fiscal 2012 as part of a restructuring plan to cut general, administrative and other costs, while boosting investment in research and development, sales and marketing in emerging markets and other growth areas.
Medtronic also will add about 1,500 positions through the 2013 fiscal year, giving it a net increase in employment, Amy Von Walter, a company spokeswoman, said in May. The number of jobs in the Twin Cities is expected to decline, while positions in the U.S. remain stable and overseas positions increase, she said.
The medical device company had about 45,000 employees as of the end of April, according to data compiled by Bloomberg.