RVP - Retractable Technologies reduces workforce by about 16%

Retractable Technologies (NYSE:RVP) on Monday said it had reduced its workforce by about 16%. The syringe maker said the workforce reduction is a result of the completion of the company's facility expansion efforts and the completion of U.S. government orders to provide its products for COVID-19 vaccination efforts. RVP estimated that the workforce reduction would result in overall annualized savings of about $2.1M. The company also said it expected separation costs to be about $200K. Retractable last month reported a fall in Q1 operating income and revenue. RVP stock earlier closed -2.2% at $4.40.

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Retractable Technologies reduces workforce by about 16%