Stericycle lays off 335 employees in restructuring effort
Stericycle, a Lake Forest-based company specializing in medical waste destruction, has laid off about 335 employees.
The job cuts were released today in a filing with the U.S. Securities & Exchange Commission.
The report stated that the company approved a "restructuring plan to reduce head count" earlier this week. The company expects to incur severance costs in the range of $7 to $10 million in connection with the restructuring plan and other recent head count reductions related to the business transformation.
"The business transformation is a comprehensive multiyear initiative with the objective of transforming the company's business processes, systems and organizational design to enable future profitable growth," the report said.
The company, which started in 1989, has 25,500 employees globally, according to its website. Stericycle conducts business out of 700 locations and 22 countries.
The publicly-traded company reported its revenue at $3.6 billion in 2016.
The company did not return phone calls about how many jobs would be cut at the Lake Forest headquarters.