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Boston Scientific to Slash Jobs

The company will shed about 13% of its workforce.
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Boston Scientific (BSX) - Get Report plans to cut roughly 13% of its workforce as the medical device maker works to shore up its finances.

The Natick, Mass., company said Wednesday that it will eliminate 2,300 positions worldwide. The move is expected to help reduce next year's operating expenses by $475 million to $525 million, or 12% to 13%.

The layoffs will also result in pretax charges totaling $450 million to $475 million, or 20 cents to 22 cents a share. About $275 million to $300 million of those charges will be recorded in the fourth quarter of this year.

Boston Scientific has been struggling amid declining sales of core products such as defibrillators and stents, as well a massive debt burden from its acquisition of Guidant last year. The company also recently decided to sell implant maker Advanced Bionics, an ill-fated acquisition from just three years ago.

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Boston Scientific has plans to reorganize several of its businesses, including combining certain divisions and consolidating its international segment.