Friday, August 22, 2008

Boston Scientific shutters Ireland facility

By Mass High Tech Staff

Boston Scientific Corp. is shutting downs its factory in Tullamore, County Offaly, Ireland, and cutting 240 jobs next year, according to published reports.

The planned shutdown stems from Boston Scientific’s fluid management business being bought by Avista Capital Partners in February for $425 million, the Boston Business Journal reported.

At the time of the takeover, Avista, a private equity firm, said the venous access and fluid management businesses would operate as one company under one name, now known as Navilyst Medical, with headquarters in Marlborough. Its manufacturing facility in Glens Falls, N.Y., as well as other Ireland manufacturing sites, will host the work currently being done at the Tullamore facility, according to the Boston Business Journal.

Natick-based Boston Scientific (NYSE: BSX) is a developer, manufacturer and marketer of medical devices whose products are used in interventional medical specialties.

The fluid management business makes products that include those used to manage fluid pressure during cardiac procedures. The venous access business has a line of implant devices used to deliver treatments into the bloodstream.

Last October, the company announced plans to eliminate 2,300 jobs, or 13 percent, of its 18,000-person, non-direct work force, which began last fall and have continued through 2008.

Boston Scientific has 5,000 employees in Ireland. The company reported a net loss of $495 million on revenue of $8.4 billion for 2007.