Medtronic provides update on impact from Hurricane Maria
Medtronic provided an update on the impact to its manufacturing and sales operations as a result of Hurricane Maria. All four of the company's business groups have some level of manufacturing across four major locations in Puerto Rico. Considering the severity of the hurricane, the company's Puerto Rico facilities fared well, but each sustained some damage. Medtronic has made considerable progress in repairing its Puerto Rico manufacturing facilities, with limited production starting on October 2nd. Currently, all of its sites are partially operating, with the assistance of power from back-up generators, and manufacturing is expected to gradually ramp up over the coming weeks. The company continues to work with local and national government agencies, as well as power, communication, and logistics providers to fully restore its operations. In line with its business continuity protocols, the company is utilizing existing inventory levels and increasing manufacturing in locations outside of Puerto Rico for many of its products.