Tag: realignment
OM lays off 60-plus employees
March 21, 2023HME News Staff
RICHMOND, Va. – Owens & Minor has laid off 61 employees in Franklin, Mass., according to a WARN notice filed with the state. The company, which announced a realignment on Feb. 28, laid off the employees nine days earlier on Feb. 17, according to the notice. Owens & Minor officials said during a conference call to discuss the company’s fourth quarter and year-end financial results that they had kicked off an ambitious, companywide program to “right size” the...
OM initiates realignment in ‘evolving market’
February 28, 2023HME News Staff
RICHMOND, Va. - Owens & Minor has initiated a companywide “operating model realignment program” to accelerate profit improvement and reduce costs.
The company expects the realignment to improve profitability and cash flow by about $30 million of adjusted operating income in 2023; $200 million of adjusted operating income by 2025; and $250 million to $400 million of working capital benefit by 2025.
“Fourth-quarter results showed that we need to move quickly to offset...