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Medtronic to cut up to 900 jobs:

This article was originally published in Clinica

Executive Summary

Medtronic said in a regulatory filing that it could lay off up to 900 employees, after the company was severely affected by a slowdown in the US implantable cardioverter defibrillator market. The Fridley, Minneapolis-based firm had previously announced that it was to cut 550 jobs (see Clinica No 1262, p 13) but has now upped this figure to include extra early retirements, voluntary departures and layoffs. As of July, 349 jobs had already been eliminated - the company incurred a $14m charge related to compensation expenses, which will be deducted from earnings for the first quarter of 2008.

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