ICU Medical is closing its Oakdale manufacturing plant and laying off 81 employees, the medical device company said Thursday.
Med-tech manufacturer closing Oakdale plant, laying off 81 workers
Layoffs at the former Smiths Medical plant begin this fall and will conclude at the end of 2024.
August 17, 2023 at 8:36PM
Layoffs are set to begin in October, with the plant closing by the end of 2024, the company said in a filing to the Minnesota Department of Employment and Economic Development (DEED).
The California-based IV therapy company told the state the closure and layoffs follow a "thorough analysis of its operations at the facility and the company's larger U.S. footprint."
The plant was previously owned by Smiths Medical, which ICU acquired last year. The facility produces CADD infusion pumps, which were subject to a Food and Drug Administration recall announced earlier this year.
ICU Medical, based in California, makes and markets a number of IV infusion products, systems and services. The company reported $2.2 billion in revenue last year and a $74 million loss.
The layoffs add to a growing number of job cuts at other medical device companies around the country, including Medtronic, as patient volumes remain low at hospitals compared to pre-pandemic levels.
Health care spending rose by 15%, driven by higher prices. Officials say solutions are needed to prevent Minnesotans from being priced out or delaying care they need.
