Siemens Healthineers has confirmed that it plans to lay off as many as 300 members of staff from its diagnostics and manufacturing division amid restructuring efforts across the company.

In a notice to the US state of New Jersey, the firm announced that it would end 300 jobs at the Siemens Healthcare Diagnostics manufacturing facility in Flanders, New Jersey.

New Jersey law requires that lay offs involving 50 or more members of staff require the state to be formally notified.

The firm announced the layoffs as it seeks to transfer manufacturing of its Atellica Solution instrument operations to Dublin by the end of 2024.

The notice shows that 300 of the proposed layoffs will centre around the firm’s diagnostics business after the company announced in its 2023 Q4 report that it would be restructuring itself in a bid to save €300m.

Following the announcement, Siemens Healthineer's stock price dropped from an estimated €49.50 per share on Friday 3 November, down to €47.46 on Tuesday 7 November.

In August of this year, the company confirmed a 20% year-over-year revenue decline to about €1.1bn for its diagnostics arm in its third quarter, blaming the decline on the dropping sales of Covid-19 rapid antigen tests.

It also comes as Reuters reports that the company may be looking to sell off its diagnostic imaging arm.

GlobalData’s Healthcare Intelligence Centre found that in 2022 Siemens Healthineers saw  revenue of around $25.6bn , up more than 20% from 2021.

Editor's note: This story has been updated with a correction. 300 jobs were cut by Siemens Healthineers at the New Jersey facility, not 750.