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VOL. 127 | NO. 88 | Friday, May 04, 2012

Medtronic Laying Off 220 Minn. Workers

AP

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FRIDLEY, Minn. (AP) Medtronic Inc. is restructuring its cardiac rhythm disease management division and is laying off about 220 workers.

The largest division in the Fridley medical technology company has struggled with slumping sales. The Star Tribune says the cardiac rhythm unit contributed about $1.2 billion of nearly $4 billion in third-quarter revenue. But, analysts say defibrillator sales have declined from about 20 percent annually to 2 percent.

Medtronic spokesman Christopher Garland says terminated employees at the Mounds View division will receive severance pay, outplacement services and medical benefit subsidies.

The company employs about 8,000 people in Minnesota.

Information from: Star Tribune, www.startribune.com

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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PROPERTY SALES 57 307 5,073
MORTGAGES 101 483 6,709
FORECLOSURE NOTICES 22 77 1,556
BUILDING PERMITS 0 720 11,979
BANKRUPTCIES 84 341 5,300
BUSINESS LICENSES 36 125 2,061
UTILITY CONNECTIONS 152 594 7,058
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