Collectively, these businesses represent approximately $550 million in
2007 sales for Boston Scientific.
-- The International group will be consolidated from three regions to
two. The existing three regions are: Europe, Asia Pacific/Japan, and
Inter-Continental; the two new regions will be: Europe/Middle
East/Africa, and Canada/Latin America/Asia Pacific/Japan.
"The expense and head count reductions we are announcing today are intended to bring our expenses back in line with our revenues, while preserving our ability to make investments in quality, R&D, capital and our people that are essential to our long-term success," said Jim Tobin, Boston Scientific President and Chief Executive Officer. "While difficult, these reductions are in the best interest of the Company and will create greater value for our customers and their patients, as well as for our employees and shareholders. These actions will enable us to institute meaningful change that will create lasting benefits."
"We understand the impact these reductions will have on our employees, and we are committed to helping ease the transition," said Tobin. "We will treat everyone with respect and dignity, and we will provide support to affected employees."
Boston Scientific officials will be discussing these announcements with
analysts and investors on its third quarter earnings webcast scheduled for
Friday, October 19, at 8:00 a.m. ET. The call will be hosted by Jim Tobin;
Paul LaViolette, Chief Operating Officer; and Sam Leno, Executive Vice
President and Chief Financial Officer. The live webcast and archived replay
of the call will be available at http://www.bostonscientific.com in the
Investor Relations section. The webcast is also being distributed over
Thomson Financial's Investor Distribution Network via two locations:
|SOURCE Boston Scientific|
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