Boston Scientific: 2014 restructuring program to reduce expenses by $150M-$200M

theflyonthewall.com

The company estimates that the program will reduce gross annual pre-tax operating expenses by approximately $150M-$200M exiting 2015. The company expects a portion of program savings to be reinvested in strategic growth initiatives. The company anticipates a gross reduction of 1,100 to 1,500 positions worldwide through a combination of employee attrition and targeted headcount reductions as the program is implemented. Program implementation is expected to result in total pre-tax charges of approximately $175M-$225M, with approximately $160M-$210M of these charges resulting in future cash outlays. Program activities are expected to be initiated in the fourth quarter of 2013 and are expected to be substantially completed by the end of 2015.

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