Company Will Lay Off 1,000 Due to ObamaCare

[Dont Taz Me Bro]

Stryker, the Kalamazoo-based maker of artificial hips and knees, will cut 5% of its global workforce by the end of next year to reduce costs in the face of new fees on device makers required by the U.S. health care law.

The job cuts will reduce annual pretax operating costs by more than $100 million beginning in 2013, when the medical-device excise tax is scheduled to take effect, Stryker said Thursday in a statement. Stryker had more than 20,000 employees as of Dec. 31, according to Bloomberg News data.

Stryker expects to record $85 million to $95 million of the expense in the fourth quarter of 2011.

"These actions are part of our ongoing focus on quality, innovation and cost, and position the company to continue to provide strong, consistent growth in a changing environment," CEO Stephen MacMillan said.

Stryker to cut 5% of workforce | Detroit Free Press | freep.com

Michigan voted for Obama and Michigan's two Senators voted for ObamaCare, so it looks like Michigan gets what Michigan voted for.

 

[rdean]

From your article from their CEO:

"These actions are part of our ongoing focus on quality, innovation and cost, and position the company to continue to provide strong, consistent growth in a changing environment," CEO Stephen MacMillan said.

Where did he mention Health Care?

 

[Toro]

From your article from their CEO:

"These actions are part of our ongoing focus on quality, innovation and cost, and position the company to continue to provide strong, consistent growth in a changing environment," CEO Stephen MacMillan said.

Where did he mention Health Care?

From the Web Site

Kalamazoo, Michigan - November 10, 2011 - Stryker Corporation (NYSE:SYK) announced its intention to implement focused workforce reductions of approximately 5% of its global workforce and other restructuring activities that are anticipated to reduce annual pre-tax operating costs by over $100 million beginning in 2013. The targeted reductions and other restructuring activities are being initiated to provide efficiencies and realign resources in advance of the new Medical Device Excise Tax scheduled to begin in 2013, as well as to allow for continued investment in strategic areas and drive growth despite the ongoing challenging economic environment and market slowdown in elective procedures.

Stryker Corporation - Investor Relations - Press Releases

 

[Mad Scientist]

Yep! Medical Device Taxes are part of the ObamaCare Health Law.

 

[del]

From your article from their CEO:

"These actions are part of our ongoing focus on quality, innovation and cost, and position the company to continue to provide strong, consistent growth in a changing environment," CEO Stephen MacMillan said.

Where did he mention Health Care?

in the lead paragraph, nitwit

"Stryker, the Kalamazoo-based maker of artificial hips and knees, will cut 5% of its global workforce by the end of next year to reduce costs in the face of new fees on device makers required by the U.S. health care law."


it's good thing i didn't know better, or i'd swear you were a partisan extremist.

 

[Katzndogz]

If that didn't convince anyone the words "changing environment" should.

No one trusts this dictator, no one. They are going to pull in and wait for stability.

 

[Harry Dresden]

From your article from their CEO:

"These actions are part of our ongoing focus on quality, innovation and cost, and position the company to continue to provide strong, consistent growth in a changing environment," CEO Stephen MacMillan said.

Where did he mention Health Care?

.....now you know others feel when we read your excerpts Dean.....how often have i seen someone say that about something you post?......

 

[Flopper]

From your article from their CEO:

"These actions are part of our ongoing focus on quality, innovation and cost, and position the company to continue to provide strong, consistent growth in a changing environment," CEO Stephen MacMillan said.

Where did he mention Health Care?

From the Web Site

Kalamazoo, Michigan - November 10, 2011 - Stryker Corporation (NYSE:SYK) announced its intention to implement focused workforce reductions of approximately 5% of its global workforce and other restructuring activities that are anticipated to reduce annual pre-tax operating costs by over $100 million beginning in 2013. The targeted reductions and other restructuring activities are being initiated to provide efficiencies and realign resources in advance of the new Medical Device Excise Tax scheduled to begin in 2013, as well as to allow for continued investment in strategic areas and drive growth despite the ongoing challenging economic environment and market slowdown in elective procedures.

Stryker Corporation - Investor Relations - Press Releases

The 2.3% excise tax is only part of the reason for the cutbacks. Restructuring is the primary reason. Government is as usually a convenient scapegoat.

 

[Dont Taz Me Bro]

Restructuring is the primary reason.

Where does it say that at?

 

[Flopper]

Restructuring is the primary reason.

Where does it say that at?

The excise tax will add an expense of 46 million. The total restructuring is estimated at 175 million.

Stryker Announces Actions to Drive Over $100 Million In Annual Productivity Gains - MarketWatch