Stratasys Ltd reduces its global workforce as part of a strategic plan to accelerate growth with a leaner operating model.
For more than 30 years, Stratasys products have helped manufacturers reduce product-development time, cost, and time-to-market, as well as reduce or eliminate tooling costs and improve product quality. Despite the challenging times, to continue to achieve this mission, it is important for the company to achieve a cost-saving program.
This workforce reduction is a result of the COVID-19’s pandemic. It will affect approximately 10% of employees, and will enable the industrial 3D Printer manufacturer to reduce operating expenses and focus on profitable growth.
The vast majority of the reduction would take place in the second quarter and will be completed during the third quarter of this year.
Stratasys expects the resizing effort, in conjunction with other cost-mitigation measures, to reduce annualized operating expenses by approximately $30 million. The company will incur a charge of approximately $6 million in severance costs, primarily in the second 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. This measure is not expected to affect the progress on our forthcoming product launch plans, which remain a top priority as we lead the industry to new heights with our best-in-class additive manufacturing solutions.”
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