Steris cuts jobs to cut costs
This article was originally published in The Gray Sheet
Executive Summary
To save $30 million in annualized operating expense, the sterilization products and services company announces March 31 layoffs in management and administrative staff, and also trims administrative costs such as printing, travel and consulting. Steris faces a $15 million pre-tax charge for the quarter ended March 31 for severance benefits and asset write downs. The firm, which employs more than 5,000 people, would not disclose the number of job cuts, but says the impact was immediate, excluded manufacturing jobs and focused largely on North American operations
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