Medical device company Medtronic is planning to begin layoffs in an attempt to cut costs, according to an April 18 report by the Star Tribune.
CEO Geoff Martha did not say the number of jobs Medtronic is planning to cut, but layoffs will vary by team, region and country. On the company's February quarterly earnings call, he said Medtronic would be going through significant cost reductions.
The company, which had more than 95,000 employees globally at the end of April 2022, began notifying employees of the decision on April 18.
On April 7, the company informed the state of California that it was laying off 59 employees from its facility in Sunnyvale.
Medtronic has offered early retirement packages to select employees, but that number has also not been disclosed, the report said.
Other cost reduction methods the company has taken up include limiting travel and slowing its hiring process.