Boston Scientific, a US-based medical device manufacturer, is planning to cut 1,100 to 1,500 jobs from its global workforce during the next two years as part of streamlining its global operations.
According to the regulatory filing, the restructuring program is intended to build on the progress the company has made to address financial pressures in a changing global marketplace, further strengthen its operational effectiveness and efficiency and support new growth investments.
The company is currently in the process of developing plans to outline employee impacts for each affected region and business.
The program is designed to save $150m to $200m in operating expenses by the end of 2015 and expects a portion of the program savings to be reinvested in strategic growth initiatives.
Boston Scientific said the restructuring program will result in pre-tax charges of about $175m to $225m, of which approximately $160m to $210m is expected to result in future cash outlays.
Over the last several years, Boston Scientific has undergone numerous restructuring efforts and leadership changes.