Marlborough, Mass.-based Boston Scientific’s board of directors approved a global restructuring initiative July 21 that is expected to cost up to $800 million and result in job cuts, according to a July 27 filing with the Securities and Exchange Commission.
The restructuring plan centers on supply chain optimization, including transferring certain production lines between facilities, along with changes to how the company organizes its workforce and functions. The activities are set to begin this year and be mostly completed by the end of 2029.
Boston Scientific projects the effort will cost between $700 million and $800 million before taxes. The company expects $600 million to $700 million of the total to result in future cash outlays and anticipates the plan will cut gross annual pre-tax expenses by about $500 million, with a substantial portion of the savings reinvested into growth initiatives.
Boston Scientific said the restructuring will bring “some” headcount reductions, though it also plans to create new jobs in growth areas. The company did not disclose specific job-cut figures or affected locations.
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