Medtronic (NYSE:MDT) is taking a restructuring charge of $87 million to account for layoffs in its Twin Cities location, the company reported Tuesday in its fourth quarter financial report.
Roughly 220 positions have already been cut in its home state, and another 30 will lose their jobs in Minnesota. Those 250 job cuts are part of 1,000 positions that will be eliminated globally over fiscal year 2013, said spokeswoman Amy Von Walter.
At the same time that it is cutting jobs in slowing markets and divisions – most likely in Cardiac Rhythm Disease Management and Spine, though Von Walter would not be specific – it is planning to add 1,500 positions globally.
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But most of the new positions will not be added in America. Rather, as emerging markets continue to show rapid growth, job seekers there will see greater opportunity.
Emerging market revenue of $463 million increased 19 percent as reported in the company’s fiscal fourth quarter, which ended April 27. That represents 11 percent of Medtronic’s overall revenue.
Emerging markets is the fastest growing segment of the company’s international revenue. In the fourth quarter, Medtronic’s international revenue of nearly $2 billion accounted for 46 percent of Medtronic’s worldwide revenue in the quarter.
It comes as no surprise, then, that most of the job growth in the immediate furute will occur in the East. The company has said in the past that it plans to double its workforce to 2,000 employees in China by 2015.
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