RVP - Retractable Technologies slashes its workforce by 22%

2023-03-27 17:43:41 ET

• Retractable Technologies ( NYSE: RVP ) said Monday it has reduced its workforce by about 22%.
• The reduction is due to the decreased need for domestic production and production support personnel, the company said.
• The staff reduction primarily affects the company’s production, operations, and logistics departments.
• The reduction will result in an overall annualized savings of about $1.7 million, or 13% in annualized payroll expense, offset by separation costs of about $154 thousand.
• The company said it expects to meet its current level of domestic production needs after the headcount reduction and will continue to have significant domestic production capacity.
• Press Release .

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