Cook Medical is the latest company to become involved in layoffs. The Bloomington, IN-based company said that it was cutting 500 positions in an effort to refocus efforts on product innovation.
Cook noted that no hourly manufacturing employees or hourly employees in distribution centers will be impacted. The firm pointed out that demand for products continues to grow and it wanted to ensure it has the capacity to meet it.
In a memo written to employees and shared on Cook’s website, the firm’s President Pete Yonkman wrote, “We will be implementing a reduction in the size of our global workforce by approximately 500 people or about 4% of our total employees. This is a very hard choice, and not one that we have made without significant thought. Steps like this are especially difficult because they impact the lives of people we have come to respect as colleagues and friends. But it is a decision that we are convinced is critical to achieving our long-term success and our vision for who we want to be as an organization.”
Employees impacted by the reduction will receive an email between 8 a.m. ET and 9 a.m. ET Tuesday. The company also asked that all hybrid employees and onsite employees who are capable of working from home to do so for the remainder of the week.