Retractable Technologies Reduces Workforce By ~16%; Reduction Expected To Save $2.2M In Annual Wages And Benefits; Estimated One-time Separation Payments Of ~$122K To Affected Workers

Retractable Technologies, Inc. (NYSE:RVP) reports that it has reduced its workforce by approximately 16%. The reduction is expected to save an estimated $2.2 million in annual wages and employment benefits, or approximately 13% of total estimated workforce costs. The expected savings are offset by estimated one-time separation payments of approximately $122 thousand to the affected workers. Approximately 58% of the targeted payroll reduction affects manufacturing or manufacturing support positions and the remainder of the reductions affects sales and sales support roles.