Steris rallies after unit enters settlment for ethylene oxide claims

Steris (STE) disclosed last night that its subsidiary, Isomedix Operations, entered into binding confidential term sheets with plaintiffs’ counsel, as well as settlement agreements with several plaintiffs currently scheduled for trial. The agreements are expected to resolve substantially all of the claims for personal injury related to ethylene oxide that are currently pending in the Circuit Court of Cook County, Illinois. Pursuant to the term sheets, Isomedix has entered into and expects to enter into additional agreements to pay up to $48.15M to settle claims. None of the term sheets nor any such agreements are an admission of liability or that emissions from the Waukegan, Illinois facility ever posed a safety hazard to the people who live or work in the surrounding areas. Shares of Steris are up 2% to $227.52 in midday trading.