Medtronic sees charges of approximately $1.6B-$1.8B
On January 8, 2018, Medtronic announced a multi-year global Enterprise Excellence Program designed to drive long-term business growth and sustainable efficiency. The Program is expected to further leverage the company's global size and scale as well as enhance the customer and employee experience.This effort will be managed by a central Program Management Office and is expected to result in annual gross savings of more than $3B by the end of the company's fiscal year 2022. The Program is designed to drive operating margin improvement as well as fund investment in strategic growth initiatives. A portion of the Program will result in pre-tax exit and disposal costs and other charges of approximately $1.6B to $1.8B, the vast majority of which are expected to be incurred by the end of fiscal year 2022 and result in cash outlays to be substantially complete by the end of fiscal year 2023.