Report: Medtronic makes big job cuts in diabetes unit

Fridley, MN-based Medtronic has cut "hundreds" of employees in its diabetes unit, according to "Diabetic Insider," a blog run by David Kliff.

Kliff says Medtronic has decimated the division, citing sources close to the situation. He reported the job cuts last week on his blog, noting that the Medtronic brought in a "seasoned industry executive" to reinvigorate the units sales and marketing, MassDevice is reporting.

A Medtronic spokesman confirmed to MassDevice that there have been job cuts, but didn't provide an exact number. Word of the job cuts came on the news that Medtronic and Bayer HealthCare have expanded their diabetes alliance to include the U.S.

Last month, Medtronic reportedly laid off 268 of its Twin Cities, MN-area employees as part of previously announced cuts. Brian Henry, a spokesman for the company, said the layoffs were across all divisions and job functions.

Back in February, the company said it was planning to cut up to 2,000 jobs--roughly four to five percent of its workforce. The announcement came as the company reported its FY 2011 Q3 financial results, during which it cut its full-year earnings forecast. At the time, the company says in order to position itself for long-term sustainable growth, it will restructure its business.

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