Spine and orthopedic device manufacturer and medtech company Medtronic plans to close more than five manufacturing sites and six distribution centers by the end of April, according to a Jan. 9 report from the Star Tribune.
The plans were shared by CEO Geoff Martha during a presentation at the J.P. Morgan Healthcare Conference on Jan. 8. The move is part of a restructuring effort to improve the company's profit margins, according to the report. The company has not disclosed which facilities will be impacted.
Medtronic has more than 95,000 employees globally, with 43% based in the U.S. or Puerto Rico.
Medtronic's spine and orthopedic line includes spine robotics systems, spinal cord neurostimulation systems and cervical arthroplasty devices.
A Medtronic spokesperson declined to confirm the report to Becker's.
"We have no specifics to share right now," a spokesperson told Becker's. "Consistent with operations best practices, we are always evaluating our manufacturing and distribution footprint for efficiencies that improve our performance."
It's also unclear how many jobs could be affected.