Biotech Values

[DewDiligence]

Medtronic to Freeze Wages

[I wonder why we haven’t seen more actions like this in the drug/biotech universe.]

http://www.reuters.com/article/marketsNews/idINN2612705720090226

›Thu Feb 26, 2009 11:10am EST

CHICAGO, Feb 26 (Reuters) - Medtronic Inc (MDT), the world's largest stand-alone medical device company, will cut executive pay by 5 percent and freeze wages for all other employees beginning in May, the start of its new fiscal year.

Minneapolis-based Medtronic, which currently has 39,000 employees, may also lay off workers.

A spokesman for the company confirmed that Chief Executive Bill Hawkins had addressed employees earlier this week about the cost-cutting initiative. He said Medtronic was reviewing all of its businesses globally.‹