Retractable Technologies, Inc. Announces Reduction in Workforce
Retractable Technologies (RVP) has announced a 7% reduction in its workforce, which is expected to generate annual savings of $1.6 million in wages and benefits, representing 7.8% of total estimated workforce costs. The restructuring includes one-time separation payments of $300,000 to affected workers.
The workforce reduction primarily impacts general and administrative functions (72%), with the remainder affecting manufacturing positions. This strategic move aligns with RVP's efforts to increase U.S. manufacturing capabilities and reduce dependence on Chinese production, driven by the significant financial impact of tariffs on Chinese imports.
The company plans to focus production at its Little Elm facility while strategically importing only products that cannot be manufactured domestically.
Retractable Technologies (RVP) ha annunciato una riduzione del 7% della sua forza lavoro, che dovrebbe generare risparmi annuali di 1,6 milioni di dollari in salari e benefici, pari al 7,8% dei costi totali stimati per il personale. La ristrutturazione prevede pagamenti di separazione una tantum di 300.000 dollari per i lavoratori interessati.
La riduzione della forza lavoro colpisce principalmente le funzioni generali e amministrative (72%), mentre il resto riguarda le posizioni di produzione. Questa mossa strategica è in linea con gli sforzi di RVP per aumentare le capacità di produzione negli Stati Uniti e ridurre la dipendenza dalla produzione cinese, a causa dell'impatto finanziario significativo delle tariffe sulle importazioni cinesi.
L'azienda prevede di concentrare la produzione presso il suo stabilimento di Little Elm, importando strategicamente solo i prodotti che non possono essere fabbricati a livello nazionale.
Retractable Technologies (RVP) ha anunciado una reducción del 7% en su fuerza laboral, lo que se espera genere ahorros anuales de 1.6 millones de dólares en salarios y beneficios, representando el 7.8% del costo total estimado de la fuerza laboral. La reestructuración incluye pagos de separación únicos de 300,000 dólares para los trabajadores afectados.
La reducción de la fuerza laboral afecta principalmente a las funciones generales y administrativas (72%), mientras que el resto impacta en los puestos de fabricación. Este movimiento estratégico se alinea con los esfuerzos de RVP para aumentar las capacidades de fabricación en EE. UU. y reducir la dependencia de la producción china, impulsado por el impacto financiero significativo de los aranceles sobre las importaciones chinas.
La empresa planea concentrar la producción en su instalación de Little Elm, importando estratégicamente solo productos que no se pueden fabricar a nivel nacional.
Retractable Technologies (RVP)는 인력의 7% 감축을 발표했으며, 이는 연간 160만 달러의 급여 및 복리후생 비용 절감으로 이어질 것으로 예상되며, 전체 추정 인건비의 7.8%에 해당합니다. 구조조정에는 영향을 받는 근로자에게 일회성 퇴직금 30만 달러가 포함됩니다.
인력 감축은 주로 일반 및 관리 기능(72%)에 영향을 미치며, 나머지는 제조 직종에 영향을 미칩니다. 이 전략적 결정은 RVP가 미국의 제조 능력을 증대시키고 중국 생산에 대한 의존도를 줄이려는 노력과 일치하며, 이는 중국 수입에 대한 관세의 상당한 재정적 영향을 반영합니다.
회사는 Little Elm 시설에서 생산을 집중하고, 국내에서 제조할 수 없는 제품만 전략적으로 수입할 계획입니다.
Retractable Technologies (RVP) a annoncé une réduction de 7 % de sa main-d'œuvre, qui devrait générer des économies annuelles de 1,6 million de dollars en salaires et avantages, représentant 7,8 % des coûts totaux estimés de la main-d'œuvre. La restructuration comprend des paiements de séparation uniques de 300 000 dollars pour les travailleurs concernés.
La réduction de la main-d'œuvre touche principalement les fonctions générales et administratives (72 %), le reste affectant les postes de fabrication. Ce mouvement stratégique s'inscrit dans les efforts de RVP pour accroître les capacités de fabrication aux États-Unis et réduire la dépendance à la production chinoise, motivé par l'impact financier significatif des tarifs sur les importations chinoises.
L'entreprise prévoit de concentrer sa production dans son usine de Little Elm, tout en important stratégiquement uniquement les produits qui ne peuvent pas être fabriqués localement.
Retractable Technologies (RVP) hat eine Reduzierung der Belegschaft um 7% angekündigt, die voraussichtlich jährliche Einsparungen von 1,6 Millionen Dollar bei Löhnen und Sozialleistungen generieren wird, was 7,8% der geschätzten Gesamtkosten der Belegschaft entspricht. Die Umstrukturierung umfasst einmalige Abfindungen von 300.000 Dollar für betroffene Mitarbeiter.
Die Reduzierung der Belegschaft betrifft hauptsächlich allgemeine und administrative Funktionen (72%), während der Rest die Produktionspositionen betrifft. Dieser strategische Schritt steht im Einklang mit den Bemühungen von RVP, die Produktionskapazitäten in den USA zu erhöhen und die Abhängigkeit von der chinesischen Produktion zu verringern, was durch die erheblichen finanziellen Auswirkungen von Zöllen auf chinesische Importe vorangetrieben wird.
Das Unternehmen plant, die Produktion in seiner Einrichtung in Little Elm zu konzentrieren und strategisch nur Produkte zu importieren, die nicht im Inland hergestellt werden können.
- Expected annual cost savings of $1.6 million from workforce reduction
- Strategic shift towards increased U.S.-based manufacturing capabilities
- Reduction of exposure to Chinese import tariffs through domestic production
- 7% workforce reduction affecting operational capacity
- One-time separation costs of $300,000
- Uncertainty regarding future U.S. trade policies and potential impact on Chinese imports
The move comes as the Company continues to allocate more of its resources to increase its
ABOUT RETRACTABLE
Retractable manufactures and markets VanishPoint® and Patient Safe® safety medical products and the EasyPoint® needle. The VanishPoint® syringe, blood collection, and IV catheter products are designed to prevent needlestick injuries and product reuse by retracting the needle directly from the patient, effectively reducing exposure to the contaminated needle. Patient Safe® syringes are uniquely designed to reduce the risk of bloodstream infections resulting from catheter hub contamination. The EasyPoint® is a retractable needle that can be used with luer lock syringes, luer slip syringes, and prefilled syringes to give injections. The EasyPoint® needle also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general line distributors.
For more information on Retractable, visit its website at www.retractable.com.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect Retractable's current views with respect to future events. Retractable believes that the expectations reflected in such forward-looking statements are accurate. However, Retractable cannot assure you that such expectations will materialize. Actual future performance could differ materially from such statements.
Factors that could cause or contribute to such differences include, but are not limited to: material changes in demand, tariffs; Retractable's ability to maintain liquidity; Retractable's maintenance of patent protection; Retractable's ability to maintain favorable third party manufacturing and supplier arrangements and relationships; foreign trade risk; Retractable's ability to access the market; production costs; the impact of larger market players in providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in Retractable's periodic reports filed with the
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Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief Accounting Officer
Source: Retractable Technologies, Inc.
FAQ
How much will RVP save annually from the 2023 workforce reduction?
What percentage of RVP's workforce reduction affects administrative functions?
Why is Retractable Technologies (RVP) shifting production from China to the US?
What are the one-time costs associated with RVP's workforce reduction?
Where will RVP concentrate its manufacturing operations after reducing Chinese imports?
