The decision was made in line with Baxter’s aim to align its infrastructure as an independent medical products company, which will help support its business portfolio and advance priorities.
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Almeida, now with the Carlyle Group in Washington, spent eight years at Covidien, the Dublin-based hospital supplies and medical technology company. No particular geographic location would be impacted more significantly than others.
“Roughly two-thirds of the reductions are outside the United States”, and the cuts are “really spread around the world fairly evenly”, CEO Robert Parkinson said on a conference call this morning, according to a transcript. About 70 percent of the cuts represent existing jobs, and 30 percent represent open positions that will not be filled.
Baxter shares rose 1.75 percent to $36.54 in midday trading on the New York Stock Exchange.
The announcement comes after Baxter spun off its pharmaceutical company, Baxalta (NYSE: BXLT), and absorbed costs in the process.
Looking ahead to the fourth quarter, Baxter expects sales to decline 1 percent, excluding the impact of foreign exchange. Analysts’ estimates typically exclude special items.
Earlier on Tuesday, Baxter reported a third-quarter profit of $1 million, on revenue of $2.49 billion.
Operating income for the quarter was $92 million, compared with $217 million in the previous year period. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 41 cents per share.
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USA sales declined 1% to $1 billion, while worldwide sales slumped 12% to $1.5 billion.
