Boston Scientific Corporation (NYSE: BSX) today announced a global restructuring program to build on the progress the company has made in executing long-term growth strategies and bringing differentiated value and innovation to patients and healthcare systems. The program is focused on developing global commercialization, technology and manufacturing capabilities in key growth markets, continuing implementation of the company's plant network optimization strategy and expanding operational efficiencies in support of the company's operating income margin goals.

Boston Scientific estimates that the program will reduce gross annual pre-tax operating expenses by approximately $115 million to $150 million by the end of 2020 as program benefits are recognized. The company expects to reinvest a substantial portion of the savings in strategic growth initiatives.

"We are taking these steps to build on our momentum and meet the challenges of affordable health care around the globe," said Mike Mahoney, chief executive officer and chairman of the board, Boston Scientific. "We will continue to invest in strategic growth opportunities that enhance our reach, capabilities and efficiency to sustain our global competitiveness. These initiatives can help us deliver innovative solutions to more patients and enable profitable growth over the long term."

While Boston Scientific expects some employee attrition and targeted headcount reductions to result from these restructuring initiatives, the company anticipates that its overall employee base will remain relatively unchanged upon completion of the restructuring program as new jobs are created in areas of growth and resources are deployed to support an expanding portfolio and growing global market needs.

Program implementation is anticipated to result in total pre-tax charges of approximately $175 million to $225 million. Several program activities will be initiated immediately and all activities are expected to be substantially completed by the end of 2018, subject to any employee representative consultative procedures required under local laws.

About Boston Scientific

Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 35 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.