Boston Scientific is eliminating 2,300 positions worldwide, or 13% of its workforce, to help cut operating expenses by up to $525 million during 2008 and to save up to $50 million more in 2009.
Boston Scientific has only disclosed that the layoffs will start this month and continue through the end of 2008. The company has not offered any information regarding which workers are affected or in which locations.
However, the Natick, Massachusetts-based company is hosting a conference call with analysts Friday morning.
The second-largest life sciences company in Massachusetts, it counts 2,400 employees in Natick, Marlborough, and Quincy.
The company’s other U.S. locations include several in California (Fremont, Los Gatos, Mountain View, Murrieta, San Diego, San Jose, Sylmar, and Valencia); Miami; Spencer, Indiana; several in Minnesota (Maple Grove, Plymouth, and St. Paul); Wayne, New Jersey; Glens Falls, New York; West Valley City, Utah; and Redmond, Washington.
The company says eligible employees will be offered severance packages, outplacement services, and other appropriate assistance and support.
The company also plans to sell some businesses and consolidate others. For example, Boston Scientific is consolidating its international group from three regions to two. The existing three regions are Europe, Asia Pacific/Japan, and Inter-Continental; the two new regions will be Europe/Middle East/Africa, and Canada/Latin America/Asia Pacific/Japan.
In addition to this latest round of layoffs, another approximately 2,000 employees are expected to leave the company in connection with a previously announced sale of other business units.
Boston Scientific, whose stock has fallen 40% since it acquired Guidant, a maker of stents and other cardiac devices, has about 29,000 workers overall.
This is the largest layoff in the company’s 28-year history.