By Freddy Sebastian
Harvard Bioscience plans to close a manufacturing facility in Massachusetts and move production to Minneapolis and Europe, affecting an undisclosed number of roles.
The plant will remain operational through this year and consolidation is expected to be completed by the fist quarter of 2027, the company said Thursday. Transition-related costs will result in a rise in incremental operating expenses this year and into the first half of next year.
Some operations will also be relocated to facilities in Germany, Sweden and the United Kingdom.
Shares were off by 1.2% to 53 cents each in after-hours trading Thursday. The stock has plunged 70% in the past year.
"As we have been able to take a deeper look at the business, concentrating our U.S. manufacturing and relocating certain operations to respective international facilities will better leverage the scale, capabilities, and expertise of our sites," Chief Executive John Duke said.
The company, which manufactures and sells goods to support drug development, expects the move to result in about $3 million in cost savings next year and $4 million overall once fully implemented. Those savings include reduced overhead, merchandise structuring and a targeted reconfiguration of its workforce across affected operations.
Write to Freddy Sebastian at freddy.sebastian@wsj.com
(END) Dow Jones Newswires
January 29, 2026 17:19 ET (22:19 GMT)
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