Medical technology company Medtronic Inc. said on Tuesday it will cut about 1,100 jobs in the current fiscal year in businesses that are not longer growing at previous rates, the company said.

The company said in a statement that the realignment will allow it to continue to invest in areas that drive sustainable growth such as its neuromodulation business.

The Minneapolis-based group reported annual revenue of $12.3 billion and has about 39,500 employees around the world.

Several pharmaceutical companies are announcing cuts on their workforce after facing patent expirations, greater generic competition and declining sales.

Shares of Medtronic Inc. dropped 0.22 percent to $48.95 by 2:13 p.m. on the New York Stock Exchange.