DM - Desktop Metal to cut 15% of workforce close four facilities

Desktop Metal ( NYSE: DM ) has announced an update to its cost reduction strategy for 2023 under which it will close four facilities and reduce its workforce by around 15%.

It expects these latest actions to deliver around $50M in annualized savings in 2023, in addition to the $50M achieved through a June 2022 cost reduction initiative.

Operations at the four facilities to be closed will be consolidated into four hubs in Massachusetts, Pennsylvania, Texas, and the Midwest.

Ric Fulop, Founder and CEO of Desktop Metal, said: "These cost reductions will help us improve margins and reduce costs to accelerate our path to profitability. The additive manufacturing industry continues to mature and expand even in a challenging macroeconomic environment."

Shares are currently trading around +9.7% pre-market on Thursday.

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