Boston Scientific to Cut Jobs, Close Plants

Boston Scientific Corp., a top maker of angioplasty products, said it will cut 1,000 jobs, or about 7.7% of its work force, and close some plants to improve productivity and reduce costs. The company will cease manufacturing in Plymouth, Minn.; Redmond, Wash.; and Watertown, Mass. Production from those plants, along with 900 jobs, will be transferred to facilities in Miami and Ireland. Boston Scientific, which had 1999 net income of $372 million, or 90 cents a share, said it will take a $45-million charge this year to pay for the changes. It’s expected to earn $1.15 a share in 2000, the average estimate of analysts polled by First Call/Thomson Financial. The company is trying to become more efficient and develop products more quickly as rivals such as Guidant Corp. and Medtronic Inc. cut into its sales. The Natick, Mass.-based company makes stents, tiny metal mesh tubes used to hold arteries open after angioplasty to clear clogged blood vessels in the heart, and other medical devices. Its shares rose $2.19 to close at $26 on the New York Stock Exchange.