STERIS today is also announcing a targeted restructuring plan, which includes restructuring of the Healthcare surgical business in Europe, as well as other actions including impairment of an internally developed X-ray accelerator, product rationalizations and facility consolidations.
The Company anticipates total pre-tax restructuring charges of approximately $100 million with $44.4 million recorded in the fiscal 2024 fourth quarter and the balance expected to be recorded in fiscal 2025. The restructuring plan will be excluded from adjusted earnings per diluted share. Of the $100 million charge, approximately $50 million is non-cash. EBIT improvement resulting from these actions is anticipated to be approximately $25 million per year, with the majority of the benefit being in fiscal 2026 and beyond due to the timing of actions.