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Business and Economic News
MPR News Staff

Medtronic announces plans to reduce global workforce

Medtromic's 'Rising Man' symbol
The "Rising Man" symbol stands in front of the Fridley, Minn., based Medtronic.
Jim Mone/Associated Press

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Medtronic says it’s reducing its global workforce, with layoffs starting Tuesday, amid economic and supply chain headwinds.

The medical device maker — legally based in Dublin, Ireland, with corporate headquarters in Fridley — did not say how many employees will be affected. In a statement Tuesday, the company said the layoffs will take place over the next few months.

“These decisions are never easy, and we’re taking great care to treat all impacted employees with dignity and respect. Medtronic will follow fair, consistent processes and provide comprehensive transitional resources to impacted employees during this time,” the company said in its statement.

Medtronic said that in recent quarters it’s “had lower than expected revenue growth and macroeconomic factors like inflation, the strong U.S. dollar and supply chain issues that have impacted our margins and profitability.”

The layoffs, it said, are part of a “focused and comprehensive effort underway to align our cost structure with our revenue and margins, while also ensuring that we’re protecting critical investment in the technology that holds the most promise and potential to benefit patient lives.”

Medtronic has more than 11,000 employees in Minnesota, and nearly 100,000 worldwide.