Wright Medical Group has announced a plan to restructure the company, which will include reducing the workforce by 6 percent, according to a Wright Medical Group news release.
The company has notified approximately 80 employees of their termination. The layoff is part of Wright Medical's numerous initiatives to reduce spending, which also include streamlining select aspects of its international selling and distribution operations and reducing the size of its international product portfolio.
The company will also rationalize research and development in the coming months, hoping that the cost reduction measures will eventually foster growth, enhance profitability and cash flow as well as build shareholder value. The company's interim CEO David D. Stevens said it has become necessary to make these changes because the industry "continues to face a challenging economic environment."
Most of the company's new plan will be implemented during the next nine months, with additional initiatives being implemented throughout 2012 and beyond.
Related Articles on Medical Device Companies:
DePuy Spine Launches First Minimally Invasive 3D Spinal Deformities Correction Set
Medtronic Opens Orthopedic R&D Facility in China
DJO Global Launches New Technology to Combat Knee Pain
The company will also rationalize research and development in the coming months, hoping that the cost reduction measures will eventually foster growth, enhance profitability and cash flow as well as build shareholder value. The company's interim CEO David D. Stevens said it has become necessary to make these changes because the industry "continues to face a challenging economic environment."
Most of the company's new plan will be implemented during the next nine months, with additional initiatives being implemented throughout 2012 and beyond.
Related Articles on Medical Device Companies:
DePuy Spine Launches First Minimally Invasive 3D Spinal Deformities Correction Set
Medtronic Opens Orthopedic R&D Facility in China
DJO Global Launches New Technology to Combat Knee Pain