Stratasys to reduce global workforce by 10%

June 2, 2020

Stratasys Ltd, headquartered in Eden Prairie, Minnesota, USA, and Rehovot, Israel, has reported plans to reduce its global workforce as part of its strategic plan to accelerate growth with a leaner operating model.

The company states that this resizing, which it has advanced sooner than planned due to the impact of COVID-19, will affect approximately 10% of employees, and is designed to reduce operating expenses as part of a cost-realignment programme to focus on profitable growth. Stratasys expects the majority of the reduction to take place in the second quarter and completeduring the third quarter of this year.

In conjunction with other cost-mitigation measures, the resizing effort expected to reduce annualised operating expenses by approximately $30 million. The company states that it 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,” commented 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,” he continued. “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.”

www.stratasys.com

About Metal Additive Manufacturing magazine

Metal AM magazine, published quarterly in digital and print formats, is read by a rapidly expanding international audience.

Our audience includes component manufacturers, end-users, materials and equipment suppliers, analysts, researchers and more.

In addition to providing extensive industry news coverage, Metal AM magazine is known for exclusive, in-depth articles and technical reports.

Our focus is the entire metal AM process from design to application.

Each issue is available as an easy-to-navigate digital edition and a high-quality print publication.

In the latest issue of Metal AM magazine

Download PDF
 

Extensive AM industry news coverage, as well as the following exclusive deep-dive articles:

  • BMW Group: Laying the foundations for the application of metal Additive Manufacturing in the automotive industry
  • Predicting the metal Additive Manufacturing market – and breaking the hype cycle
  • China’s thriving metal Additive Manufacturing industry: An outsider’s perspective
  • Enhancing the productivity of Additive Manufacturing facilities through PBF-LB automation
  • Award-winning metal AM parts from the MPIF’s 2024 Design Excellence Awards
  • Performance of eddy currents for the in-situ detection of defects during PBF-LB metal AM

The world of metal AM to your inbox

Don't miss any new issue of Metal AM magazine, and get the latest industry news. Sign up to our twice weekly newsletter.

Sign up

Looking for AM machines, metal powders or part manufacturing services?

Discover suppliers of these and more in our comprehensive advertisers’ index and buyer’s guide, available in the back of Metal AM magazine.

  • AM machines
  • Process monitoring & calibration
  • Heat treatment & sintering
  • HIP systems & services
  • Pre- & post-processing technology
  • Powders, powder production and analysis
  • Part manufacturers
  • Consulting, training & market data
View online

Discover our magazine archive…

The free to access Metal Additive Manufacturing magazine archive offers unparalleled insight into the world of metal Additive Manufacturing from a commercial and technological perspective through:

  • Reports on visits to leading metal AM part manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.

Browse the archive

Share via
Copy link
Powered by Social Snap