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Boston Scientific Announces New Initiatives to Increase Shareholder Value
Date:10/17/2007

Approximately 2,300 positions to be eliminated worldwide

NATICK, Mass., Oct. 17 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today announced several new initiatives designed to enhance short- and long-term shareholder value, including the restructuring or sale of several business units, as well as substantial expense and head count reductions intended to bring expenses in line with revenues. The Company also said it is making good progress toward the execution of its previously announced plans to sell non-strategic assets and monetize the majority of its public and private investment portfolio. The Company said these initiatives will help provide better focus on core businesses and priorities, which will strengthen Boston Scientific for the future and lead to increased, sustainable and profitable sales growth.

The Company plans to reduce its operating expenses (exclusive of amortization and royalty expenses) against a 2007 baseline of approximately $4.1 billion by an estimated $475 million to $525 million in 2008, representing a reduction of 12 to 13 percent, with a further reduction of an estimated $25 million to $50 million in 2009.

The Company plans to eliminate approximately 2,300 positions worldwide, or approximately 13 percent of an 18,000-person, non-direct labor workforce baseline as of June 30, 2007. Eligible employees affected by the head count reductions will be offered severance packages, outplacement services and other appropriate assistance and support. The reduction activities will be initiated this month and are expected to be substantially completed worldwide by the end of 2008. Reductions outside the United States will be initiated following completion o
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SOURCE Boston Scientific
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