Debt-laden Boston Scientific to shed 2,300 jobs
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NEW YORK — Boston Scientific Corp said Wednesday it would cut about 2,300 jobs, or 9% of its workforce, and restructure or sell several business units in an effort to lower expenses.
The medical device company, saddled by debt since its $27-billion acquisition of Guidant Corp. and hampered by slowing sales of its most lucrative heart devices, has been moving to improve its flagging stock price. Boston Scientific shares are down nearly 45% since early 2006.
The company said it would record total pretax charges of about $450 million to $475 million, or 20 cents to 22 cents a share. Up to $300 million will be taken in the fourth quarter, with the remainder spread over the next two years.
The job cuts will begin this month and are expected to be completed by the end of 2008.
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