Retractable Technologies, Inc. reported that it has reduced its workforce by approximately 16% as a result of the substantial completion of its facility expansion efforts and the completion of U.S. government orders to provide its products for COVID-19 vaccination efforts. The staff reduction primarily affects its production, operations and logistics departments. The reduction will result in an overall annualized savings of approximately $2.1 million dollars, or 13% in annual payroll expense, and separation costs are expected to be approximately $200 thousand.

The company expects that it will be able to maintain its current level of domestic production after the headcount reduction, and have significantly enhanced domestic production capacity upon completion of the expansion efforts.