I am pleased to report an underlying 10% increase in trading profit for the (3rd) quarter (2012) to $207 million. The benefits of our efficiency improvements (i.e., layoffs) have helped to offset the impact of on-going tough conditions, and we continued to make good commercial progress in the emerging markets.(Our) business continues to thrive, growing at twice the market rate.The president has failed us
Global medical company lays off 100 in US, blames ObamaCare
Published February 01, 2013
A global medical technology company has laid off nearly 100 employees at its offices in Tennessee and Massachusetts and is blaming the layoffs the medical device tax tied to ObamaCare.
London-based Smith & Nephew said Thursday it laid off fewer than 100 employees between the two offices, which operate as the company's advanced surgical devices unit, according to The Commercial Appeal.
The company specializes in developing orthopedic reconstruction products, has nearly 11,000 employees and operates in over 90 countries, according to its website.
The Affordable Care Act includes a 2.3 percent tax on medical devices, which is expected to raise nearly $30 billion over the next decade. The tax is applied to gross sales revenues.
MyFoxMemphis.com reports that Smith & Nephew released a statement on the layoffs Thursday, explaining that they were necessary to absorb the costs associated with the tax, which "has impacted a number of companies across the U.S."
Read more: http://www.foxnews.com/politics/2013/02/01/me...
Smith & Nephews strategic priorities are about making choices for the long term benefit of our business, by allocating resources (i.e., layoffs) to the areas where we can achieve the greatest returns." Olivier Bohuon, Chief Executive Officer of Smith & Nephew
What Olivier is saying is that the business is doing fine, profits are increasing, and to increase those profits even more they're going to layoff some folks. And rather than be blamed as greedy for the layoffs, they'll blame it on Obamacare. Corporations (and people) do this all the time. Please study history.