Layoffs at Medtronic’s Spine Division Medtronic Inc., the Minneapolis, Minn.-based medical devic

Layoffs at Medtronic’s Spine Division
Medtronic Inc., the Minneapolis, Minn.-based medical device giant, is cutting 230 jobs from its Spine division in Memphis, Tenn. According to a company spokesperson, there are no layoffs planned at the company’s headquarters.

Spokesperson Cindy Resman told Twin Cities Business that the cuts are part of the company’s goal to reduce overall costs in the spine business by about 5 percent. Medtronic’s spine division has roughly 5,600 employees worldwide and about 1,300 in Memphis.

“We will continue to evaluate our markets and organizational structure to look at areas where efficiency can be improved throughout our business,” Resman said. “This may require us to shift resources from low-growth to high-growth areas to optimize performance.”

Medtronic currently has 452 jobs posted in its careers website, including some positions in its spine business.

Medtronic Spine is one of four divisions that make up the 64-year-old company’s restorative therapies group; the others include neuromodulation, diabetes and surgical technologies.

The latest financial report available for Medtronic are those for the third quarter of fiscal year 2013, ending Jan. 25. The report showed that the company’s restorative therapies group brought in $1.9 billion, up about 3.5 percent from the same quarter in 2012. However, the growth was fueled by surgical technologies, neuromodulation and diabetes. Spine revenue of $753 million declined 3 percent on a constant currency basis from the same quarter last year.