Breaking news from Medtronic this morning: The medical-device maker says it plans to eliminate between 1,500 and 1,800 jobs over the next six weeks.
The Fridley company said the cuts are aimed at streamlining its operations to better align with the its long-term growth outlook. The reductions include about 400 employees who have recently accepted early retirement or voluntary buyout packages.
Medtronic says it expects the majority of job eliminations to be completed by June 30.
Meanwhile, it says it plans to add an additional 700 positions, primarily in sales and R&D, during the current fiscal year.
Earlier today, the company announced that fourth-quarter revenue increased 8 percent over the previous year to $14.6 billion.