NEW YORK (Reuters) – U.S. medical devices makers sklar Medical Instruments Corp and Sklar Therapeutics Inc on Wednesday said they will layoff 1,000 people as they seek to reduce costs and focus on the development of new products.
The layoffs are expected to begin as soon as October, according to a company statement.
The company said it will focus on its specialty products, such as surgical instruments, which include instruments that are used in trauma, orthopedic and other medical procedures.
Sklar also said it would seek to develop products that will enhance the effectiveness of its existing products, which have been a top priority for the company.
Sklar has raised more than $50 billion from investors, including Chinese technology giant Alibaba Group Holding Ltd, through a $6 billion round in late 2017.(Reporting by Eric M. Johnson in Washington; Editing by Jeffrey Benkoe)