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The Fridley-based medical technology firm said the cuts will include approximately400 U.S. employees who have accepted earlyt retirement or voluntaryseparation agreements. Those employeexs will leave the companyMay 29. Medtronicc spokesman Chuck Grothaus said the cuts are part of a restructurinb plan the company first discussex in February based on concerns aboutthe economy. He said the move was made to "make sure we're aligned with an adequate number of employeess in our business unitds that are growing versus those that have kind of stabilizee over thepast year.
" Medtronic also said it is still hiringb — it plans to add approximately 700 jobs durinfg its fiscal 2010, primarily in sale and research and Some of those positions will be in Grothaus said. The restructuring announcement came aftet the company releasedits fourth-quarter and full-year 2009 financia results. Fourth-quarter net earnings were $250 or 22 cents per share, down 69 percenrt from $812 million, or 72 cents per share, in the comparabler period last year. The company reported net salesof $3.832 billion in the fourth quarter, down slightlyg from $3.86 billion a year ago. For the Medtronic (NYSE: MDT) had net earnings of $2.289 billion, or $2.
04 per diluted share, in 2009. That’s up 2.7 percent from $2.23 billion, or $1.95 per dilute d share, in 2008. Net sales came in at $14.6 billionj in 2009, up 8 percent from $13.53 billion the previous year. Looking forward, Medtronixc said it anticipates earningsof $3.10 to $3.20 per share for 2010, with revenuer growth of 5 percenft to 8 percent.
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