Press release
Dentsply Sirona Announces Organizational Changes to Simplify Structure, Enhance Profitability, Improve Operational Performance and Drive Growth
Expects to Achieve $200 to $225 million in Annual Cost Savings Portfolio Evaluation and Simplification Plan Ongoing CHARLOTTE, N.C., Feb. 16, 2023 (GLOBE
About this update from Dentsply Sirona Inc.
[{"type":"text","content":"Expects to Achieve $200 to $225 million in Annual Cost Savings Portfolio Evaluation and Simplification Plan Ongoing CHARLOTTE, N.C., Feb. 16, 2023 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the “Company”) (Nasdaq: XRAY) today announced that its Board of Directors approved an organizational restructuring plan intended to improve operational performance and drive shareholder value creation. The plan is anticipated to achieve at least $200 million in annual cost savings over the next 18 months through a new operating model that will streamline the organization, enhance operational efficiency, and position Dentsply Sirona to drive future sustainable growth. This model was developed through the Company’s ongoing review of its business and operations. “The actions we are planning follow our comprehensive review of the business and will enable Dentsply Sirona to improve its execution, build a winning portfolio, return to growth, and generate consistent returns,” said Simon Campion, Chief Executive Officer. “We are acting with urgency to implement this operating model, which we believe will drive overdue organizational integration and improve organizational accountability and efficiency. While actions that impact our team are difficult, I am confident that this plan, along with anticipated outcomes from other workstreams, will set Dentsply Sirona on a trajectory to achieve stronger, more predictable results and add significant value for all stakeholders.” The new operating model will enable the Company to leverage its strong position in the dental industry and better deliver on its core value creation drivers and strategic objectives. The restructuring plan consists of the following planned measures: A reduction in the global workforce of approximately 8% - 10%.Implementation of five global business units – designed to drive enterprise integration and align the product portfolio with the Company’s growth strategy. This global business unit structure is closely aligned to the Company’s regional commercial structures, facilitating improved transparency and communication.Commencement of central functions and infrastructure optimization to support efficiency of the overall organization.Creation of a Senior Vice President of Quality and Regulatory role, designed to elevate the quality and regulatory affairs function withi...