Retractable Technologies, Inc. announced a reduction in its workforce by approximately 7%. This strategic move is expected to generate an estimated $1.6 million in annual savings from wages and benefits, representing about 7.8% of total estimated workforce costs.
The workforce reduction includes one-time separation payments of approximately $300 thousand to affected employees. Approximately 72% of the targeted payroll reduction impacts general and administrative functions, with the remainder affecting manufacturing or manufacturing support positions.
This decision aligns with the company's ongoing efforts to reallocate resources towards increasing its U.S. manufacturing capabilities and reducing reliance on products produced in China. The material financial impact of tariffs on Chinese imports necessitates this shift to minimize exposure and strategically import only essential products.
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