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Layoffs Continue to Mount

Wright Medical Group

Device maker Wright Medical Group (WMGI) said on Sept. 15 that it plans to cut 80 workers, or about 6% of its work force, as part of its restructuring program.

The company said it is shrinking the size of its international product portfolio and adjusting plant operations, as well as other measures, in an effort to cut costs.

As a result of the restructuring, Wright Medical expects charges of between $25 million and $30 million, which should be recorded in the second half of the year.

Wright Medical foresees an adjusted EPS gain of 5 to 6 cents in 2012, and an annual earnings benefit of 8 cents a share following that.

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