Lake Forest, Ill.-based medical waste disposal firm Stericycle will lay off 335 employees as part of a restructuring plan, according to a company filing.
According to the filing, “the business transformation is a comprehensive multi-year initiative with the objective of transforming the company’s business processes, systems and organizational design to enable future profitable growth.”
The company expects to incur severance costs in the range of $7 million to $10 million I connection with the plan.
Stericycle did not respond to requests for additional comments.
Last month, Stericycle CEO Charles Alutto spoke with Waste360 about Stericycle’s new product offerings and its biggest growth opportunities.
At the time Alutto told Waste360, “Currently, we operate too many systems, and we have yet to fully integrate the more than 470 acquisitions that we have completed. To work through those challenges and to become more efficient, we are formulating a business transformation initiative that will help us address the systems issues and processes that we have.”
He also acknowledged that growth for the company had slowed. “[W]e have been dealing with certain company and industry issues that have impacted our financial results,” Alutto said “Overall, our business continues to be profitable, and we are still able to convert that profitability into great cash flow to invest back into the business.”