Harvard Bioscience (NASDAQ: HBIO) plans plant closure and Project Viking cost cuts

Rhea-AI Filing Summary

Harvard Bioscience is launching “Project Viking,” a restructuring that will close its Holliston, MA manufacturing facility and consolidate U.S. production in Minneapolis, MN, with some operations moving to Germany, Sweden, and the UK.

The company expects about $3 million in cost savings in 2027 and about $4 million in annual savings beginning in 2028 from lower overhead, SKU rationalization, better asset use, and workforce reconfiguration. To implement the plan, it expects pre-tax restructuring charges of roughly $3.4–$4.4 million, including $0.6–$0.7 million of non-cash asset write-offs and/or accelerated depreciation mainly tied to the Holliston exit. Actions are expected to be substantially complete by the first half of 2027, and management cautions that actual results and charges may differ from current estimates.

Insights

Equity restructuring and operations analyst

Harvard Bioscience trades near-term charges for longer-term cost savings.

Harvard Bioscience is undertaking Project Viking to consolidate manufacturing, closing its Holliston, MA plant and shifting production to Minneapolis and select European facilities. The stated goal is higher efficiency and aligning product lines with specialized centers of excellence.

The plan carries estimated pre-tax restructuring charges of $3.4–$4.4 million, including $0.6–$0.7 million of non-cash write-offs or accelerated depreciation. In return, management targets about $3 million cost savings in 2027 and about $4 million in recurring annual savings from 2028, if execution matches assumptions.

Restructuring actions are expected to be substantially complete by the first half of 2027. Actual financial impact will depend on how closely realized charges and savings track these estimates, which the company notes may change with future conditions.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2026

_______________________________

HARVARD BIOSCIENCE, INC.

(Exact name of registrant as specified in its charter)

______________________________

Delaware	001-33957	04-3306140
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

84 October Hill Road

Holliston, MA 01746

(Address of Principal Executive Offices) (Zip Code)

(508) 893-8999

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	HBIO	The NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.05 Costs Associated with Exit or Disposal Activities.

On January 23, 2026, the Board of Directors of Harvard Bioscience, Inc. (the “Company”) approved management’s comprehensive plan, referred to as Project Viking, for the strategic consolidation of its manufacturing operations to improve efficiency and support long-term growth.

The Company will close its manufacturing facility in Holliston, MA and transition U.S. production to its manufacturing hub in Minneapolis, MN. Certain operations will also be relocated to facilities in Germany, Sweden, and the UK, aligning specific product lines with their designated center of excellence and most strategically advantageous logistical location. The Company expects the initiative to deliver approximately $3 million in cost savings in 2027, and approximately $4 million in annual cost savings beginning in 2028, while improving throughput and execution. The savings include reduced overhead, SKU rationalization, improved asset utilization, and targeted reconfiguration of the Company’s workforce across impacted operations.

The Company expects to incur pre-tax restructuring charges related to Project Viking in the range of approximately $3.4 to $4.4 million, including non-cash asset write-off and/or accelerated depreciation charges in the range of approximately $0.6 to $0.7 million, primarily related to the exit of production activities and manufacturing operations at the Holliston, MA manufacturing site. These amounts are estimates and are subject to future changes.

We may incur additional charges in connection with Project Viking and will provide an estimate of any additional charges when known. Restructuring actions under the program are expected to be substantially complete by the first half of 2027. Future actions by the Company or changes in circumstances from current assumptions may cause actual results and future cash payments to differ. 

Item 7.01. Regulation FD Disclosure.

On January 29, 2026, the Company issued a press release relating to Project Viking. A copy of the press release is attached hereto as Exhibit 99.1.

The information in Item 7.01 of this Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” “believe” and similar expressions or statements that do not relate to historical matters. Forward-looking statements include, but are not limited to, information concerning the expected impact of Project Viking on our operations, future financial and operational performance and matters relating to our ability to continue as a going concern and fund our operations. Forward-looking statements are not guarantees of future performance and involve known and unknown uncertainties, risks, assumptions, and contingencies, many of which are outside the Company’s control. Risks and other factors that could cause the Company’s actual results to differ materially from those described in its forward-looking statements include those described in the “Risk Factors” section of the Company’s most recently filed Annual Report on Form 10-K as well as in the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements are based on the Company’s expectations and assumptions as of the date of this report. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect any change in expectations, even as new information becomes available.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release dated January 29, 2026
104		Cover Page Interactive Data File (embedded within the XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HARVARD BIOSCIENCE, INC.
Date: January 29, 2026	By:	/s/ Mark Frost
		Mark Frost
		Interim Chief Financial Officer

FAQ

What is Harvard Bioscience (HBIO) announcing in its latest 8-K?

Harvard Bioscience is announcing Project Viking, a comprehensive manufacturing consolidation plan. It will close its Holliston, MA facility, shift U.S. production to Minneapolis, and move some operations to Germany, Sweden, and the UK to streamline operations and support long-term growth.

How much cost savings does Harvard Bioscience (HBIO) expect from Project Viking?

Harvard Bioscience expects approximately $3 million in cost savings in 2027 and about $4 million in annual cost savings beginning in 2028. These savings are anticipated from reduced overhead, SKU rationalization, better asset utilization, and targeted workforce reconfiguration across affected manufacturing operations.

What restructuring charges will Harvard Bioscience (HBIO) incur for Project Viking?

Harvard Bioscience expects pre-tax restructuring charges of about $3.4–$4.4 million. This includes non-cash asset write-offs and/or accelerated depreciation of roughly $0.6–$0.7 million, primarily associated with exiting production activities at its Holliston, Massachusetts manufacturing site under the consolidation plan.

When will Harvard Bioscience’s (HBIO) Project Viking restructuring be completed?

Harvard Bioscience expects restructuring actions under Project Viking to be substantially complete by the first half of 2027. The company notes that future actions or changing circumstances could cause actual timing, costs, and realized savings to differ from current expectations outlined in this disclosure.

Which Harvard Bioscience (HBIO) locations are affected by the Project Viking plan?

Project Viking will close the Holliston, Massachusetts manufacturing facility and shift U.S. production to Minneapolis, Minnesota. Certain operations will also move to facilities in Germany, Sweden, and the UK, aligning specific product lines with designated centers of excellence and more advantageous logistical locations.

Did Harvard Bioscience (HBIO) issue a press release about Project Viking?

Yes. Harvard Bioscience issued a press release on January 29, 2026, discussing Project Viking. That press release is included as Exhibit 99.1, and the company notes this information is furnished under Regulation FD rather than filed for liability purposes under Section 18 of the Exchange Act.