Boston Scientific plans on undergoing a restructuring program that will reduce the company’s gross annual pre-tax operating expenses by approximately $115 million to $150 million by the end of 2020, according to a company news release.
The company announced the restructuring on June 8. The company said it plans on investing the savings into “strategic growth initiatives,” but it did not offer any more details.
The program will cost approximately $175 million to $225 million before taxes. Boston Scientific plans on starting some programs immediately and completing all activities by the end of 2018.
Boston Scientific said it anticipates layoffs and employee attrition, although the company’s overall number of employees will likely remain constant as it hires people into new roles.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.