Medical device giant Medtronic laying off 3% of Israeli workforce as part of global cutbacks
Medical device giant Medtronic laying off 3% of Israeli workforce as part of global cutbacks
The majority of the employees being laid off in Israel will be from Mazor Robotics, which Medtronic acquired in 2018 for $1.6 billion
The medical device giant Medtronic will lay off 35 employees in Israel - about 3% of the workforce in Israel (approximately 1,200 employees). The move is not related to the current activity in Israel but is part of a global restructuring plan that Medtronic is currently undertaking.
Most of those being laid off in Israel will be from Mazor Robotics, which Medtronic acquired in 2018 for $1.6 billion - Medtronic's largest acquisition in Israel. Mazor develops robotic guidance systems for spine surgeries.
In recent weeks, the company laid off 44 workers in California and dozens more in Ireland. According to estimates, the wave of layoffs will continue throughout the company.
Medtronic employs around 95,000 across the world and has a market cap of $110 billion.
Medtronic opened its Israel office back in 1974 and has spent around $4 billion to date acquiring Israeli companies.
