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Boston Scientific to cut up to 1400 jobs in restructuring after reporting rise in 2Q profit
WASHINGTON (AP) ' Medical device maker Boston Scientific is reporting a nearly 50 percent increase in second-quarter profit and says it will cut up to 1,400 employees to streamline operations.
The company is announcing a restructuring program to eliminate unnecessary administrative positions and automate other production work. The company expects to shed between 1,200 and 1,400 employees by the end of 2013. Boston Scientific expects the cuts to save between $225 and $275 million annually, some of which will be invested in other areas of the company.
For the second quarter, the Natick, Mass., company earned $146 million, or 10 cents per share, up from $98 million, or 6 cents per share, in the prior-year period.
Company sales grew 2 percent to $1.98 billion, which was above Wall Street estimates.