May 3, 2012 at 8:43 am
FRIDLEY, MN (AP) - Medtronic Inc. is restructuring its cardiac rhythm disease management division and is laying off about 220 workers.
The largest division in the Fridley medical technology company has struggled with slumping sales. The Star Tribune (http://bit.ly/J20zlb) says the cardiac rhythm unit contributed about $1.2 billion of nearly $4 billion in third-quarter revenue. But, analysts say defibrillator sales have declined from about 20 percent annually to 2 percent.
Medtronic spokesman Christopher Garland says terminated employees at the Mounds View division will receive severance pay, outplacement services and medical benefit subsidies.
The company employs about 8,000 people in Minnesota.
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