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.