Medtronic lays off undisclosed number of employees

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Dublin-based Medtronic confirmed it laid off employees a few weeks ago at its campus in Memphis, Tenn.

The medical technology company declined to disclose details about the job cuts, such as the number of employees or types of positions affected.

"Medtronic operates in a highly competitive environment, and transformation is an inherent part of our business. We continually adjust as necessary to deliver operational and functional excellence, drive growth, and strengthen our position for the future in a highly dynamic healthcare industry," the company said in emailed statement to Becker's Hospital Review.

The company added it is offering assistance to affected employees and "is supporting employees as they transition to new employment opportunities."

The layoffs come as Medtronic failed to fulfill its job creation contract with Memphis, according to The Commercial Appeal. The goal was to increase employment in Memphis by 600 positions, to a total of 1,825, through a major expansion. The company received tax breaks for the major expansion. However, Medtronic's spine unit did not grow as planned due to market forces, which also resulted in some occasional layoffs, the report states. After the most recent round of layoffs a few weeks ago, the company's employment in Memphis is approximately 1,400.

According to the report, the Economic Development Growth Engine of Memphis and Shelby County is reviewing Medtronic's 15-year tax incentive. The report notes while Medtronic failed to reach its job creation goal for Memphis, the company still "delivered higher salaries and more capital investment than promised."

 

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