A number of Boston Scientific's Minnesota-based employees are receiving layoff notices this week. And the company could cut up to 10 percent of its employees in the Twin Cities area, but the exact number hasn't been disclosed, Mass Devce reports.
"This workforce reduction is consistent with restructuring initiatives previously announced," said spokesman David Knutson, as quoted by the Pioneer Press. "While the company does not disclose details regarding affected personnel, all impacted employees will be treated fairly and receive transitional support."
The affected unit--Boston Scientific's cardiology, rhythm and vascular business--manufactures pacemakers and implantable defibrillators. It is Boston Scientific's largest and conducts the majority of its operations in Arden Hills and Maple Grove, MN.
The move comes a couple of months after company executives painted a gloomy portrait of the market for the company's heart devices, the Pioneer Press notes. And CEO Ray Elliott said at the time that downward pressure on prices continues to be the company's "greatest challenge." Elliot himself saw reductions in stock options and bonuses last year; his pay plummeted 86 percent in 2010 to $4.7 million. The CEO earned $33.4 million the previous year.
And just last summer, Elliot came to Minnesota to pump up employees.