Steris to Layoff ‘Less Than 300 Positions’

Adding to a growing list of companies facing employee cuts in 2024, Steris recently announced it will eliminate “less than 300 positions” as part of a restructuring plan designed to increase profitability and efficiency. Of its 18,000 global workforce, the cuts amount to about 1.7%.

The company highlighted its restructuring plan during its fiscal 2024 fourth quarter and full year financial results in May, during which it reported a net loss. As part of the plan, Steris said it would be restructuring its healthcare surgical business in Europe, as well as “other actions including impairment of an internally developed X-ray accelerator, product rationalizations and facility consolidations.”

Previously in April, Steris disclosed that it would sell its dental segment to Peak Rock Capital for $787.5 million. It also completed the divestiture of its controlled environment services business within its life sciences segment to Integra Testing Services.

Recorded pre-tax expenses related to the restructuring in its fiscal year 2024, which ended March 31, total $44.4 million, according to the company. Additional restructuring expenses are expected to amount to about $55.3 million, of which $36.2 million is related to severance and other compensation costs.

“The expected additional restructuring charges of $55,300 is comprised of approximately $36,200 related to severance and other compensation related costs, $15,300 related to lease and other contract termination and other costs, and $3,800 related to accelerated depreciation and amortization,” according to the SEC filing.

Steris said the plan, including the layoffs, should be mostly completed by the end of 2025, resulting in an approximate improvement to income from operations of $25 million per year.