Medtronic cuts 230 jobs in its Memphis-based spine business
- Article by: Steve Alexander
- Star Tribune
- May 2, 2013 - 8:52 PM
Medtronic Inc. confirmed Thursday it has cut 230 jobs in its Memphis-based spine business, which sells devices for spinal surgery. None of the affected workers is based in Minnesota.
The spine business of Fridley-based Medtronic announced the cuts as part of a previously announced effort to reduce its costs by 5 percent, said spokeswoman Cindy Resman. About 60 of the eliminated jobs were in Memphis, and the other 170 were in locations around the world, she said.
The spine business, which makes devices used in surgeries such as those that correct spine curvature or replace spinal disks, is one of Medtronic’s largest pursuits.
But the business has struggled for several reasons, including pricing pressures from customers, difficulty integrating the Kyphon acquisition under previous CEO Bill Hawkins and controversy over its InFuse bone-growth product.
In Medtronic’s most recently completed quarter, spinal business sales fell nearly 4 percent to $753 million compared with $784 million in the third quarter of fiscal 2012.
Medtronic has 45,000 employees worldwide.
Steve Alexander • 612-673-4553
© 2014 Star Tribune