Medtronic and Stryker both have plans to lay off swaths of employees.
Medtronic is laying off some of its staff to cut costs. CEO Geoff Martha did not say the number of jobs Medtronic is planning to cut, but layoffs will vary by team, region and country. On the company's February quarterly earnings call, he said Medtronic would be going through significant cost reductions. The company, which had more than 95,000 employees globally at the end of April 2022, began notifying employees of the decision on April 18.
Stryker is also eyeing layoffs at its location in Lakeland, Fla. According to a WARN notice, layoffs will affect about 530 employees. Layoffs began in December, the notice said. As of April 19, about 213 positions were laid off. Stryker plans to lay off one more position May 15 and four more on June 30, according to the notice.