Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 157

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 157
---
 Group will continue to be supplied to us for the production of plasma-derived medicines, through a long-term plasma supply agreement.
MedKeeper
In July 2022, our subsidiary Grifols Shared Services North America Inc. sold substantially all of the assets of the U.S. technology firm Geotech, LLC, doing business as Medkeeper (“MedKeeper”) to affiliates of the U.S. company Becton, Dickinson and Company for a total adjusted purchase price of $91.6 million. As a consequence of this divestment, we recognized an income of €23.1 million in our statement of profit and loss. We had acquired 51% of the equity interests of MedKeeper for $98 million in January 2018, and the remaining 49% in November 2020 for $60.2 million.
Operational Improvement Plan
In 2023, we implemented an operational improvement plan designed to reinforce our competitiveness and build a more streamlined, efficient and cost-effective global organization (the “Operational Improvement Plan”). The plan focused on three major areas: optimizing plasma costs and operations, streamlining corporate functions, and enhancing other efficiencies across the organization.
The first part of the plan, optimization of plasma costs and operations, improved our plasma procurement operations and enabled us to maintain desired plasma volumes while reducing the cost per liter of plasma through the following set of measures:

●   closure or consolidation of 18 underperforming plasma collection centers in 2022 and seven in 2023;
-------------------------------------------------------------------------------------------------------

●   reduction in compensation paid to plasma donors;
----------------------------------------------------

●   enhanced productivity from our workforce, measured in plasma collection per full time employee; and
-------------------------------------------------------------------------------------------------------

●   installation of new and more efficient plasmapheresis equipment, which increases yield.
-------------------------------------------------------------------------------------------
The second part of the plan, streamlining corporate functions, caused a reduction in staff in 2023 of approximately 8.0% of our workforce (or approximately 2,000 employees), mainly in plasma operations in the United States, by means of initiatives such as:

●   centralizing and automating functions;
------------------------------------------
101

●   more fully sharing services across business units;
------------------------------------------------------

●   consolidating vendors;
--------------------------

●   streamlining reporting structures;
--------------------------------------

●   a labor force reduction plan (ERE) in Spain, which affected 51 employees; and
---------------------------------------------------------------------------------

●   eliminating duplicative functions and positions.
----------------------------------------------------
The third part of the plan, enhancing other efficiencies across the organization, enabled us to reduce operational costs related to