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Siemens Healthineers to shutter Fast Track Diagnostics unit

por Gus Iversen, Editor in Chief | March 20, 2024
Business Affairs European News
Siemens Healthineers is closing its Fast Track Diagnostics unit, a collection of polymerase chain reaction (PCR) testing products that is part of the company's Diagnostics business, and primarily sold in Europe. The decision is being attributed to significantly reduced demand since the peak of the COVID-19 pandemic.

About 90 employees, mostly based in Luxembourg, are affected. Siemens Healthineers intends to close the Fast Track Diagnostics unit by September 2024.

"Fast Track Diagnostics is a minor player in the molecular diagnostics space and represents a very small part of the overall revenue of the Siemens Healthineers Diagnostics business," the company said in a statement. "Conversations with local employee representatives are underway, and local labor regulations and guidelines will be followed in accordance with standard company practice."

Siemens Healthineers acquired Fast Track Diagnostics in 2017.

The decision to shutter the unit came after a periodic strategic review of portfolio contributions and market opportunity, according to the company.

Job cuts in New Jersey
As part of a restructuring initiative announced in late 2022, Siemens Healthineers is also cutting 162 jobs in Flanders, New Jersey.

The cuts were disclosed in a WARN notice the company filed with the state in March, as noted by regional news outlet, NJBIZ. Effective dates range from September 2024 through March 2025.

The NJ layoffs are a result of a decision to stop producing certain instruments at that location, which are reportedly manufactured in another location as well.

“At the end of 2022, Siemens Healthineers announced that due to a variety of factors, including external headwinds … several measures were being put in place to compensate for the adverse impact on our company’s business performance. These measures served to reduce the complexity of our portfolio, create a leaner organization, and streamline our supply chain and company footprint,” the company said in a statement shared with NJBIZ.

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