The closure is part of the company’s overall strategic consolidation plan, known as Project Viking, which will cost the company about $4 million in restructuring expenses.
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Harvard Bioscience, a Holliston-based biotech firm, is set to close its Holliston manufacturing facility in a consolidating move to shift its production to Minneapolis and expected to save the firm millions of dollars.
Harvard Bioscience’s Holliston facility will stay open through this year for continuity and customer service purposes, with the consolidation anticipated to be complete by the first quarter of 2027, according to a Thursday press release from the manufacturer.
The closure is part of the company’s overall strategic consolidation plan, known as Project Viking, which will move certain operations internationally to facilities in Germany, Sweden, and the U.K., according to a Thursday filing with the U.S. Securities and Exchange Commission.
The company expects the restructuring charges related to Project Viking to cost $3.4 to $4.4 million, primarily related to the Holliston manufacturing facility closure, according to the SEC filing.
WBJ has reached out to Harvard Bioscience to determine if the closure will result in employee layoffs.
“Building upon the enhanced flexibility provided by our recent refinancing, this consolidation represents a meaningful step forward in simplifying our manufacturing footprint and strengthening our operating model,” John Duke, CEO of Harvard Bioscience, said in the release.
Harvard Bioscience expects the consolidation to save the manufacturer $3 million in 2027 and $4 million in annual cost savings starting in 2028, including through non-cash asset write-off and/or accelerated depreciation charges, according to the filing.
“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. We expect the operational synergies generated by the move to improve execution and increase speed-to-market as we build a more agile organization to drive long-term value creation for customers and shareholders,” Duke said in the release.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare, manufacturing, and higher education industries.
