⁍ Medtronic said it would cut costs by $450 million to $475 million a year by fiscal 2023.

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⁍ The medical device maker embarks on a restructuring exercise to create focused ‘operating units’ from its existing businesses.

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⁍ As a result of the restructuring program, the company expects to incur $400 million-$450 million in costs by the end of fiscal 2022.

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– As part of a major restructuring, medical device maker Medtronic plans to cut costs by up to $475 million a year by the end of fiscal 2023. The company said in a filing with the US Securities and Exchange Commission that it plans to divide its four business segments into four operating units, each focusing on a specific therapy area, beginning in its fiscal third quarter, reports Reuters. The company expects to incur between $400 million and $450 million in costs as a result of the restructuring, which is expected to be completed by the end of its fiscal 2022.