Boston Scientific to cut up to 1,000 more jobs

  • Article by: JAMES WALSH , Star Tribune
  • Updated: January 30, 2013 - 11:30 AM

The new layoffs will bring total cuts to 10 percent of the workforce. Cuts in Minnesota aren't yet known.

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dedo112Jan. 29, 1310:52 AM

no mention of the new medical device tax? I have heard that this tax is a killer to our local medical device companies.

swans999Jan. 29, 1310:59 AM

dedo112 great point! Thanks Amy and Al!

jrwetbakJan. 29, 1311:26 AM

I guess with laying off all those manufacturing, engineering and IT people that we won't the need the new bill Amy Klobuchar just submitted to the US Senate to increase H1-B visas for from 60,000 to 115,000 annually. No wonder we have such high unemployment.

irvine93Jan. 29, 1311:33 AM

Medical device tax is in the future. Results here are about the past. So, besides trying to be "cute" what it the point of these comments?

xyz123qJan. 29, 1311:39 AM

Boston Scientific is just hitting a bump in the road. The Federal Reserve will always buy US debt so I expect my mutual funds to rise forever. But still spending my Christmas Bonus from work on a handgun and dried food.

notforwardJan. 29, 1312:17 PM

Irvine93, The point is the medical device tax IS COMING and it will have very negative effects on medical device technologies going foreward. If you do not understand what that means, you should research those issues. When companies like Medtronic and Boston Sci offer these new technologies to Doctor's and hospitals, the revenues are usually based on longer term contracts/NDA's, etc. That means that these companies will have to plan for the device tax even though it may not technically be in place yet. When it is, it will cut into their margins in a big way. These companies are publicly held and they answer to their shareholders. The bottom line is profits. The fact that Amy and Al missed this is quite shocking considering the medical device industry in MN employes a great deal of people and brings in huge tax dollars for all kinds of thinsg.....even $50,000 decorative drinking fountains that some feel are essential to our future.

greenwasherJan. 29, 1312:19 PM

The 'innovation' tax is definitely insult to injury, not the reason for this...but it is kicking when down that is for sure.

bgmach3Jan. 29, 1312:54 PM

Just more short sightedness and tunnel vision from our so called "professionals" including our politicians. I am so sick and tired of hiring people that are supposed to try to foresee what may or may not happen in a business transaction or at least list the pitfalls of an event and can see no further than a business lunch, happy hour and payday. Go to common sense school and learn more about your business school. How our Minnesota politicians Amy and Al didn't step up for these companies is disgusting. Shame on you. These job losses rest totally on your shoulders.

pitythefoolsJan. 29, 13 4:16 PM

I bet Boston Scientific will be grateful for the 50 million new potential customers that will be dumped in their laps with ACA.

cman2500Jan. 29, 13 4:37 PM

Oh well Barnes and Noble is closing 690 stores,Reuters is laying off over 3,000 Blockbuster Video Stores 3,000 job cuts VMware 900 job cuts,WPS Wisconsin Health Insurance 451 job cuts,JCPenny over 1,000 job cuts,BAE Systems 300 job cuts, Hasbro 550 job cuts,3M Company 300 job cuts just a sample from the last few days. But yet some people that comment on here will still spin this as nothing is wrong all is normal..


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