Medtronic to Slash Jobs

Medtronic Inc. will cut 1,500 to 1,800 jobs by the end of June as part of a restructuring plan triggered by the economy, according to a statement released by the company.

Officials at the the Fridley, Minn.-based firm said the cuts will include about 400 U.S. employees who have accepted early retirement or voluntary separation agreements; those employees’ last day will be May 29.

Medtronic spokesman Chuck Grothaus said the cuts are part of a restructuring plan the company first discussed in February based on concerns about the economy. He said the move was made to “make sure we’re aligned with an adequate number of employees in our business units that are growing versus those that have kind of stabilized over the past year.”

Medtronic, however, plans to add about 700 jobs during fiscal 2010, primarily in sales and R&D.

The restructuring announcement came after the company released its fourth-quarter and full-year 2009 financial results.

Fourth-quarter net earnings were $250 million, or 22 cents per share, down 69 percent from $812 million, or 72 cents per share, in the comparable period last year.