Monday, July 25, 2011

St. Jude Medical to Lay Off 450 Staff in Sweden

St. Jude Medical, Inc., will cut 450 jobs in Sweden by the end of 2012 because of declining sales of its cardiac rhythm management products.  The layoffs are about 3% of its total workforce of about 15,000.

The Company report a decrease in sales in the United States from its cardiac rhythm management division during its most recent quarterly reports.  As a result, the Company is moving manufacturing of cardiac rhythm medical devices to Puerto Rico and Malaysia in an effort to cut costs.

St. Jude Medical, Inc., develops, manufactures and distributes cardiovascular medical devices for the global cardiac rhythm management, cardiology and cardiac surgery and atrial fibrillation therapy areas and neurostimulation medical devices for the management of chronic pain.

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The Plant Prospector is a weekly e-mail service that identifies national, regional, and local plants and businesses in transition through layoffs, closings, and work force reductions. A reduction in the number of employees is an indication of a current or imminent change in the operations of an enterprise and is invaluable in identifying companies including private firms, small public companies, and subsidiaries of major corporations that are in flux. Plant Prospector is an ideal prospecting tool for firms that provide services to businesses in transition, such as temporary employment agencies and outplacement firms, and for companies whose business may be affected by change, such as suppliers, professional firms, and insurance companies.

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