Origin Materials Layoffs 2023: What to Know About the Latest ORGN Job Cuts


  • Origin Materials (ORGN) layoffs have the company cutting 30% of its workforce.
  • This is part of a larger restructuring effort.
  • The company expects to suffer $2.7 million in charges connected to the job cuts.
Origin Materials Layoffs - Origin Materials Layoffs 2023: What to Know About the Latest ORGN Job Cuts

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Origin Materials (NASDAQ:ORGN) layoffs are happening for many of the carbon-negative materials company’s employees as it takes on a massive number of job cuts.

A press release from Origin Materials reveals that layoffs are coming for 30% of the company’s workforce. This is part of its larger restructuring to focus on higher margin revenue opportunities while deferring research programs.

Origin Materials says that the layoffs were largely completed on Nov. 20. The company also notes that it expects to suffer $2.7 million in charges related to these actions.

John Bissell, cofounder and CEO of Origin Materials, said the following about the layoffs.

“The changes we are implementing support our plan to execute priority initiatives representing high-margin, near-term opportunities, while deferring some research programs with strong, but longer-term economic impacts. We believe these actions will substantially extend our cash resources while maintaining momentum with our partners, who are committed to bringing Origin’s technology to market.”

Origin Materials Joins Layoffs Trend

Origin Materials is far from the only company that has been announcing layoffs recently. Several others have been cutting jobs to deal with the ongoing tough economy.

On the bright side, inflation appears to be cooling and that’s likely to cause the Fed to reduce interest rates. While those rate drops are unlikely to happen anytime soon, it’s still something the market is looking forward to. It also means more interest rate hikes are unlikely.

ORGN stock is down 2% as of Tuesday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/11/origin-materials-layoffs-2023-what-to-know-about-the-latest-orgn-job-cuts/.

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