Desktop Metal reduces workforce

Desktop Metal says that it plans to reduce its workforce by around 15% as part of a cost reduction strategy.

The US$50 million cost reduction will take place in 2023 and will “prioritize investments and operations in line with near-term revenue generation,” the company said.

Desktop will consolidate its current eight locations in the United States and Canada into four hubs in Massachusetts, Pennsylvania, Texas, and the Midwest.

“The additive manufacturing industry continues to mature and expand even in a challenging macroeconomic environment,” said Ric Fulop, founder and CEO of Desktop Metal. “These actions reinforce our highest priorities and create a flatter, more agile organization. I value the contributions of everyone who has served and continues to serve Desktop Metal. We are committed to managing this transition with care and respect."