Stratasys
Stratasys Boom F900
Stratasys announces strategic resizing as it shifts to a leaner operating model.
Stratasys has announced plans to reduce its global workforce by approximately 10% in what the 3D printing company describes as a "strategic plan to accelerate growth with a leaner operating model."
The majority of the resizing, which according to a statement issued today has arrived sooner than planned due to the impact of COVID-19, is set to take place this month and will culminate in the third quarter of this year.
"This reduction in force is a difficult but essential step in our ongoing strategic process, designed to better position the company for sustainable and profitable growth," said Yoav Zeif, Chief Executive Officer of Stratasys. "I would like to express my appreciation to each of the employees impacted by this decision for their dedicated service. Current conditions make the job market even more challenging, and we have done our best to provide the departing employees globally with a respectable and fair separation."
The company is said to be pursuing additional cost-mitigation measures as part of a cost realignment program to focus on profitable growth and reduce annual operating expenses by approximately 30 million USD. Though Stratasys did not offer specifics on which areas of the company would be affected by the layoffs, the company says it will pay out approximately 6 million USD in severance costs, primarily in the second quarter of this year.
Zeif also added that the reductions were not expected to affect any forthcoming product launch plans which he confirmed would "remain a top priority" for the company. Those launches include the recent J55 3D printer, which was introduced back in April to deliver a more accessible version of its multi-colour, multi-material PolyJet technology, and the new METHOD Carbon Fiber Edition desktop printer and materials from its MakerBot subsidiary.
