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Medtronic Starts slashing Jobs

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16 May 2008 @ 02:38 am ET

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Medtronic Inc. the manufacturer and marketer of device-based medical therapies started its jobs cutting campaign in Minneapolis and Saint Paul, according to reports on Thursday.

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MDT

39.49

-0.34

The company had announced earlier this month it would reduce its workforce cutting 1,100 jobs as it realigns its business on a global basis and 350 jobs locally from business that are not growing at previous rates.

The company has about 8,000 workers in Minneapolis and Saint Paul and 39,500 worldwide.

Shares of Medtronic closed down 1.32 percent to $47.07 in the New York Stock Exchange Thursday.

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