Boston Scientific unveils new restructuring plan, expects job cuts

July 27 (Reuters) - Boston ‌Scientific's board ​has ​approved a new company-wide restructuring plan aimed at cutting costs and to better ‌position the company for future growth, the ⁠medical device maker said in a regulatory filing on Monday.

Here ‌are some details:

• The ‌company said the plan, approved on July 21, will involve supply chain optimization, moving some ​production between factories and changing how the organization is structured.

• The changes are expected ⁠to begin this year and be largely finished by the end ​of 2029.

• Boston Scientific said the restructuring will lead to some job losses, even ​as it continues hiring in ‌areas where it is growing and shifting resources to meet global market ⁠demand.

• The company estimates the plan will cost between $700 million and $800 million before taxes, with $600 million to $700 ⁠million of that expected to be paid out in cash.

• ​In return, Boston Scientific expects to reduce its annual expenses by about $500 million once the changes are fully in ‌place.

• Much of the money saved will be reinvested into growth initiatives, ‌the company said.

• Boston is expected to post ⁠second-quarter results on ‌July 29 with ​investor focus on the performance of its heart device portfolio.

(Reporting by Padmanabhan Ananthan in ‌Bengaluru)

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