Your words not theirs!<quoted text>
“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.“Smith & Nephew’s 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.
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 ...