Medtronic has ended contracts with 200 suppliers, and the medical device company plans to close five manufacturing plants and six distribution centers, according to a Jan. 9 Star Tribune report.
During the J.P. Morgan Healthcare Conference in San Francisco, Medtronic CEO Geoff Martha said the closures and consolidations will happen by the end of April in an effort to increase profits. Two of the six distribution centers will combine with other locations, Mr. Martha said.
Medtronic has more than 95,000 employees and operates 78 plants around the world, according to the Star Tribune.
A Medtronic spokesperson declined to confirm the report.
"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.