Retractable Technologies cuts workforce by roughly 22%

Retractable Technologies reports that it has reduced its workforce by approximately 22%. The reduction is due to the decreased need for domestic production and production support personnel. The staff reduction primarily affects the company’s production, operations, and logistics departments. The reduction will result in an overall annualized savings of approximately $1.7M, or 13% in annualized payroll expense, offset by separation costs which are expected to be approximately $154 thousand. The company expects that it will be able to meet its current level of domestic production needs after the headcount reduction and will continue to have significant domestic production capacity.