NuScale (NYSE:SMR) layoffs are in the news Monday as the company realigns its workforce to focus on commercialization over research and development.
These layoffs have NuScale announcing the termination of 154 of its full-time employees. That represents 28% of full-time staff at the modular light water reactor nuclear power plants company.
NuScale says that it expects to suffer one-time costs of $3 million in the first quarter of 2024 in connection to these job cuts. However, the company says the layoffs will result in between $50 million and $60 million in annual savings.
NuScale President and CEO John Hopkins said the following in a news release:
“Our U.S. Nuclear Regulatory-approved, industry-leading SMR technology is already many years ahead of the competition […] Today, commercialization of our SMR technology is our key objective, which includes near-term deployment and manufacturing.”
NuScale Joins Layoffs Trend
With the start of the new year comes an increase in companies announcing layoffs. That makes sense as businesses reevaluate their workforces alongside financial results from 2023. This has several companies cutting jobs over the last few weeks and more will likely be announced in the weeks to come.
SMR stock is down 1.9% as of Monday morning with some 635,000 shares traded. Its daily average trading volume is about 2.2 million shares.
Investors looking for more of the most recent stock market stories will want to keep reading!
We have all of the hottest stock market stories ready to go on Monday! That includes everything going on with Boeing (NYSE:BA), the news affecting United Airlines (NYSE:UAL) and BlackRock (NYSE:BLK) layoffs reports. All of that info is ready to go at the following links!
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On the date of publication, William White did not hold (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.
