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The Fridley-based medical technology firm said the cuts will includse approximately400 U.S. employees who have accepted earlyu retirement or voluntaryseparation agreements. Thoser employees will leave the compantyMay 29. Medtronic spokesman Chuck Grothaus said the cuts are part of a restructurint plan the company firsft discussed in February based on concerns aboutthe economy. He said the move was made to "makee sure we're aligned with an adequater number of employees in our businesas units that are growing versus those that have kind of stabilized over thepast year.
" Medtronicx also said it is still hiring — it planss to add approximately 700 jobs during its fiscal primarily in sales and research and development. Some of thosde positions will be in Grothaus said. The restructuring announcement came afted the company releasedits fourth-quartert and full-year 2009 financiap results. Fourth-quarter net earnings were $250 million, or 22 cent s per share, down 69 percent from $812 million, or 72 centd per share, in the comparable period last year. The companyh reported net salesof $3.83 billion in the fourth down slightly from $3.86 billion a year ago. For the Medtronic (NYSE: MDT) had net earnings of $2.290 billion, or $2.
04 per diluterd share, in 2009. That’sd up 2.7 percent from $2.23 or $1.95 per diluted share, in 2008. Net salew came in at $14.6 billion in up 8 percent from $13.52 billioj the previous year. Looking forward, Medtronic said it anticipatew earningsof $3.10 to $3.20 per sharwe for 2010, with revenue growth of 5 percenr to 8 percent.
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