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Subject:  Medical giant Stryker cuts 1,170 jobs Date:  11/17/2012  6:44 AM
Author:  LurkerMom Number:  1837715 of 1962141

Medical giant Stryker cuts 1,170 jobs, citing ObamaCare

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"The company will cut 1,170 jobs, or five percent of its worldwide workforce, despite the fact that the founder's grandson was one of the largest contributors to President Obama’s re-election campaign. Medical tech scion Jon Stryker, whose net worth is currently estimated at $1.2 billion, contributed $2 million to the Priorities USA Action super PAC and has given $66,000 in contributions to Obama and the Democratic Party. Stryker does not run the company.
A "medical device excise tax" included in the mandate imposes a 2.3 percent levy on medical device manufacturers and suppliers, which critics say will raise prices on everything from pacemakers to prosthetics to stents. Companies will be required to pay the tax regardless if they have a profit or loss for the year. The tax is estimated to cost the medical device industry $20 billion."
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“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 spokeswoman Yin Becker told FoxNews.com. “The reductions and restructuring activities are expected to be substantially complete by the end of 2012.”
Executives for Stryker have placed the blame squarely on the coming tax ever since it gained more steam in Washington."


Read more: http://www.foxnews.com/politics/2012/11/16/medical-supply-gi...
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