Origin Materials ( (ORGN) ) has issued an update.
Origin Materials is pivoting towards a more profitable and high-demand PET caps sector, streamlining operations to reduce cash burn and expedite profitability. This strategic shift involves scaling back on non-core research and operating their Origin 1 facility on an on-demand basis, leading to a 28% reduction in global workforce. Despite these changes, the company maintains its 2024 financial guidance and is on track for commercial PET cap production, positioning itself as a leader in the sustainable materials transition.
Learn more about ORGN stock on TipRanks’ Stock Analysis page.
