Retractable Technologies rises after job cuts announcement

Retractable Technologies

07/06/2022 17:41

** Shares of Retractable Technologies Inc  RVP.A  rises as
much as 8.3% t0 $4.77 after co announces job cuts
    ** The Safety medical products maker says it has reduced
about 16% of its workforce, after completion of U.S. government
COVID-19 vaccination syringe orders, and majority if its
facility expansion efforts  urn:newsml:reuters.com:*:nBw5QdJC4a
    ** RVP expects to maintain current level of domestic
production after job cuts, and have significantly enhanced
domestic production capacity upon completion of its facility
expansion
    ** Co says "Reduction will result in overall annualized
savings of approximately $2.1 million dollars, or 13% in annual
payroll expense" 
    ** Up to last close, stock fell 33% YTD

 (Reporting by Nandhini Srinivasan)
 ((Nandhini.Srinivasan@thomsonreuters.com;))