Footnotes / references Financials as of 31 March 2024[update].[2]
Steris plc is an American-Irish-based medical equipment company specializing in sterilization and surgical products for the US healthcare system.[3] 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 to 2018. Steris is quoted on the NYSE, and is a constituent of the S&P 500 Index.[4]
Profile
Steris filed accounts which showed global revenues of over US$2.6 billion in 2018, of which US$1.8 billion (or 70 percent) came from the US healthcare system; and employed ~12,000 people.[5] As of 2024, the President and CEO is Daniel A. Carestio.[2]
Steris was founded in August 1985 in Ohio,[1] under the name "Innovative Medical Technologies".[3]
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]
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][4] 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.[4][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 November 2020, Steris acquired Key Surgical, a leading global provider of sterile processing, operating room, and endoscopy products.[16]
In June 2021, Steris acquired Cantel Medical Corporation a provider of infection prevention products and services to endoscopy, dental and dialysis.[17]
^ abcArash 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.
^"2018 Annual Report"(PDF). Steris Corporation. Retrieved 4 January 2020. Geographic Split of Revenues: Page 88
^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.
