Retractable Technologies, Inc. announced a further reduction in its workforce by approximately 12.4%. This action is expected to save an estimated $1.6 million in annual wages and benefits, representing about 8.6% of total estimated workforce costs.
The reduction specifically targets the company’s manufacturing and manufacturing support positions. One-time separation payments to affected workers are estimated at approximately $56 thousand.
This move is part of the company's ongoing strategy to balance its domestic manufacturing presence against its reliance on imported products and associated tariffs from Chinese contract manufacturers. RVP continues to ramp up domestic production activities while working to minimize the financial impact of these changes.
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