Dentsply Sirona to reduce workforce by 2%-4% as part of restructuring

In a regulatory filing, Dentsply Sirona stated that on July 29, the board of directors of the company approved a plan to restructure the company’s business to improve operational performance and drive shareholder value creation. The restructuring plan anticipates a net reduction in the company’s global workforce of approximately 2% to 4%. “The proposed changes are subject to co-determination processes with employee representative groups in countries where required. The Company expects to incur between $40 million and $50 million in non-recurring restructuring charges under the plan, primarily related to employee transition, severance payments and employee benefits, which are expected to be expensed and paid in cash in 2024 and 2025. Actions taken under the restructuring plan will seek to further streamline the Company’s operations and global footprint, as well as improve alignment of the Company’s cost structure with its strategic growth objectives. The Company anticipates that the restructuring plan will be substantially completed by the end of 2025 and result in $80 to $100 million in annual cost savings,” the filing stated.