ICU Medical
(Nasdaq: ICUI)
filed with the state of Minnesota to confirm a facility closure and some layoffs.
Layoffs continue to impact the medtech industry as companies battle ongoing economic challenges. Over the past year or so, MassDevice has reported on around 18,000 job cuts across the industry.
Minnesota’s State Rapid Response Team received a Worker Adjustment and Retraining Notification (WARN) letter from ICU Medical dated Aug. 17. It informed the state of the permanent closure of a plant and layoff of approximately 81 employees. The manufacturing facility is located in Oakdale, just east of St. Paul.
Due to changes in manufacturing operations at the Oakdale facility, plus other U.S. operations, ICU Medical plans for layoffs to begin on Oct. 29, 2023. It plans for a full business closure on Dec. 31, 2024.
According to the ICU Medical letter, employees are not represented by a union and bumping rights don’t exist. There are no trade implications at this time.
“The entire facility is being closed,” the letter reads. “This action is expected to be permanent. This action is taking place after the company’s thorough analysis of its operations at the facility and the company’s larger U.S. manufacturing footprint.”
Positions affected in the layoff/closure include but are not limited to engineering, manufacturing, maintenance, human resources, manager, supervisor and more, according to the state.
ICU Medical develops technologies for infusion therapy, oncology and critical care.