Steris
 | |
| Company type | Public |
|---|---|
| ISIN | US8591521005 |
| Industry | Medical devices |
| Founded | 1985[1] |
| Headquarters | Mentor, Ohio, U.S. |
Key people | |
| Revenue | $2.78B (FY2019) [2] |
| $304M (FY2019) [2] | |
Number of employees | ~12,000[2][3] (2018) |
| Website | steris |
Steris Corporation is an Irish-domiciled medical equipment company specializing in sterilization and surgical products for the US healthcare system.[4] Steris is operationally headquartered in Mentor, Ohio,[1] but has been legally registered since 2018 in Dublin, Ireland for tax purposes; it was previously registered in the United Kingdom from 2014–2018. Steris is quoted on the NYSE, and is a constituent of the S&P 500 Index.[5]
Profile
Steris filed accounts which showed global revenues of over USD 2.6 billion in 2018, of which USD 1.8 billion (or 70 percent) came from the US healthcare system; and employed ~12,000 people.[3][2] As of 2020, the President and CEO is Walter M. Rosebrough.[2]
Steris' competitors include 3M, Belimed (Metall Zug), and Cantel Medical Corporation.[6]
History
Steris was founded in August 1985 in Ohio,[1] under the name "Innovative Medical Technologies".[4]
In 2012, Steris acquired US Endoscopy for $270 million. Steris also acquired Spectrum Surgical Instruments Corp. and Total Repair Express for $110 million combined.[7]
On April 1, 2014, Steris announced its acquisition of Integrated Medical Systems International Inc. for ~$175 million, although it would only cost the company ~$140 million after tax benefits.[8] Shortly after, Steris also acquired Chesterfield, Missouri-based Life Systems.[7]
In October 2014, Steris executed a tax inversion from the United States to the United Kingdom, via an offer made to acquire UK-based Synergy Health for $1.9 billion.[9][5] The tax inversion was notable as it was the first US inversion post the new rules introduced by the Obama administration in 2014 to curb US corporations moving their "legal domicile" to reduce their exposure to US corporate taxation.[5][10][11]
On June 24, 2015, Steris announced the acquisitions of General Econopak for $175 million and Black Diamond Video for $51 million.[9]
In November 2018, Steris announced that it would further re-domicile its legal headquarters from the United Kingdom to Ireland; Steris had reduced its corporate tax rate from 31.3 percent to 20 percent as a result of its 2014 tax inversion to the United Kingdom, however, it believed a further reduction could be achieved by moving to Ireland.[12][13]
In April 2020, Steris received emergency use authorization from the FDA for a N95 mask sterilization system to help address the shortage of personal protective equipment during the 2019-20 coronavirus pandemic.[14][15]
See also
- Corporate tax inversions to Ireland
- Ireland as a tax haven
- Medtronic, another example of US medical device tax inversion to Ireland
References
- ^ a b c "STERIS Corp - Company Profile and News". Bloomberg Markets. Retrieved 2020-01-04.
- ^ a b c d e f g h "Steris PLC Profile". MarketWatch.com. Retrieved 2020-01-04.
- ^ a b "2018 Annual Report" (PDF). Steris Corporation. Retrieved 4 January 2020.
Geographic Split of Revenues: Page 88
- ^ a b "Company Overview". STERIS plc. Retrieved 2020-01-03.
- ^ a b c Arash Massoudi; Andrew Ward (13 October 2014). "Steris makes UK tax leap with $1.9bn Synergy inversion deal". Financial Times. Retrieved 4 January 2020.
Steris Corp has become the first American company to agree a deal that allows it to lower its tax burden by moving overseas since President Barack Obama's administration announced measures to clamp down on the practice.
- ^ "STERIS Competitors, Revenue and Employees". Owler.com. Retrieved 2020-01-04.
- ^ a b Bonner, Loren (May 5, 2014). "Steris acquires another ISO company". Archived from the original on May 15, 2014. Retrieved January 11, 2020.
- ^ McCarthy, Erin (April 1, 2014). "Steris to Acquire Integrated Medical Systems for $165 Million". WSJ.com. Archived from the original on January 11, 2020. Retrieved January 11, 2020.
- ^ a b Perriello, Brad (2015-06-24). "Steris drops $226m on General Econopak, Black Diamond Video". MassDevice.com. Retrieved 2020-01-04.
- ^ Sean Farrell (31 October 2014). "UK medical firm Synergy bought by Steris". The Guardian. Retrieved 5 January 2020.
The proposed acquisition of the Swindon-based Synergy by Steris Corporation is the latest attempt to pull off a tax inversion deal, despite political opposition on both sides of the Atlantic to the controversial manoeuvre.
- ^ Chad Bray (29 May 2015). "Steris to Fight F.T.C. Move to Block Merger With Synergy Health". New York Times. Retrieved 4 January 2020.
The transaction was one of a series of so-called tax inversions announced last year, in which companies based in the United States sought to reincorporate overseas to lower their corporate tax rates.
- ^ Cantillon (13 November 2018). "Sterie to relocate HQ to Dublin". Irish Times. Retrieved 4 January 2020.
But the fact remains that it was paying an effective tax rate of 31.3 per cent in the US. That has since fallen to 20 per cent, a figure that will fall further should it relocate to Dublin.
- ^ "Brexit pushes Steris to move again - to Ireland". Irish Times. 12 November 2018. Retrieved 4 January 2020.
Surgical equipment maker was part of first corporate inversion post-Obama clampdown
- ^ "STERIS Decontamination Solutions for compatible N95 or N95-equivalent Respirators". Steris. Archived from the original on April 14, 2020.
- ^ Steer, Jen (April 10, 2020). "FDA approves Steris technology for N95 mask sterilization". fox8.com. Archived from the original on April 15, 2020.
External links
- Official website
- Business data for STERIS plc:
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