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 the COVID-19 vaccine.
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.
Retractable Technologies, which makes syringes, blood collection and IV catheter devices, expects that it will be able to maintain its domestic production after the reduction and have “significantly enhanced” domestic production capacity when it completed its expansion efforts.