A global medical technology company plans to lay off 2,000 workers worldwide, according to Pennsylvania’s Department of Labor and Industry.
Olympus Corp. of the Americas announced the cuts in a news release on Friday.
The company opened its regional headquarters in 2006 in Upper Saucon Township’s Stabler Corporate Center and quickly cemented its place as one of the area’s largest employers.
Olympus had more than 800 local employees in 2023. It also has a regional warehouse in Upper Macungie Township.
The confirmed number of impacted employees was also announced this month in a Worker Adjustment and Retraining Act Notice filed with the state department. By Wednesday morning, however, the notice was removed from the state department’s website.
It’s unclear whether any employees at the regional sites will be impacted. An Olympus media spokesperson couldn’t immediately be reached for more information Wednesday morning.
Internationally, the Tokyo-based company has been in existence for a century. It partners with worldwide healthcare professionals to provide innovative solutions and services for early detection, diagnosis and minimally invasive treatments for patients.
The company aims to improve patient outcomes by elevating the standard of care in targeted disease states. It unveiled a new corporate strategy, also on Friday, to achieve its goal to become the leader in endoscopy-enabled care.
Olympus representatives in the news release stated the company expects annual savings of about 24 billion yen ($156.6 million) from the job cuts, which will be implemented in fiscal years 2026 and 2027.
Multiple published reports, including by medtechdive.com, state the company is targeting revenue growth of 5% year over year by fiscal 2029, earnings per share of more than 10% on a compound annual basis and continuous improvement in free cash flow.
The company will use capital to support innovation, dividends, share buybacks and mergers and acquisitions, according to the report.
In its second-quarter earnings report, also released Friday, Olympus reported a total revenue of $1.6 billion.
Additionally, the job cuts and reorganization come shortly after a change in leadership at the company. CEO Bob White, the former president of Medtronic’s medical surgical business, joined Olympus in June.
In 2023, Olympus Corp. of the Americas employed 5,500 across several locations in North and South America.
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