Medtronic is cutting 2,000 jobs worldwide, including 500 jobs in Minnesota. The job cuts were announced with the medical device maker's fourth quarter earnings, released Tuesday morning.
Coupled with 160 new jobs in Minnesota, the 500 cuts equate to a net loss of 340 jobs in the state. Medtronic said, for the most part, all of the affected employees have been notified.
The system-wide cuts took place primarily in the cardiac and vascular group and the spine business, and nearly half are related to manufacturing consolidation as Medtronic works to reduce product costs.
The company's current workforce stands at approximately 45,000 employees -- relatively flat from the start of the fiscal year.