Medtronic cuts 2,000 jobs worldwide, 500 in Minn.
MINNEAPOLIS (AP) - Medical device maker Medtronic confirms it is eliminating 2,000 jobs worldwide, including 500 in Minnesota.
About half of the jobs being eliminated are in the U.S.
A Medtronic spokeswoman tells the Star Tribune (http://bit.ly/10Mn866 ) about 65 percent of the job cuts have already occurred. The rest will be eliminated in the current fiscal year that ends next April.
Most of the job losses are in the Fridley-based company's Cardiovascular Group and in its spine business, with nearly half related to Medtronic's efforts to consolidate manufacturing.
The total of 2,000 jobs to be cut includes 230 job cuts Medtronic announced earlier this month at the company's Memphis-based spine facility.
Medtronic shares rose 5 percent Tuesday after the company reported better-than-expected fourth quarter earnings on sales of implantable heart defibrillators and pacemakers.