Medical device maker Boston Scientific Corp. said t would cut 1,400 jobs -- the announcement coming a day after announcing an expansion in China.
The firm said it would add 1,000 positions in China to bring its workforce there to 1,200. Over five years, the firm expects to invest $150 million in its business in China, creating a "fully staffed manufacturing infrastructure," and a sales force of 700 representatives.
The firm did not say which divisions would see cutbacks, but said it expects to save up to $275 million annually based on its restructuring plan.
Boston Scientific said it would initiate a $1 billion share repurchasing program after ending the second quarter with net earnings of $146 million on sales of $1.9 billion. It also reduced its gross debt to $4.2 billion in the quarter.