Retractable Technologies this week announced that it has reduced its workforce by 16% due to the completion of its facility expansion efforts — and the completion of U.S. government orders related to COVID-19 vaccines.
The staff reduction will affect the Little Elm, Texas-based company’s production, operations and logistics departments. Retractable Technologies said in an SEC filing that there will be an overall annualized savings of approximately $2.1 million, or 13% in annual payroll expense. Separation costs are expected to be approximately $200,000.
