Origin Materials to Eliminate Roughly 28% of Workforce

MT Newswires Live09-23

Origin Materials (ORGN) said Monday it is planning to eliminate roughly 28% of its employees by the end of this quarter as part of its organizational realignment.

The company intends to operate its Origin 1 biomass conversion plant in Sarnia, Ontario, on-demand with reduced staffing, co-Chief Executive John Bissell said.

Origin expects about $600,000 in restructuring expenses, the company said.

The technology firm said it continues to expect its 2024 revenue to be between $25 million and $35 million. A single analyst polled by Capital IQ expects $31.2 million.

Shares of the company declined more than 1% in recent pre-bell activity.

Price: 1.81, Change: -0.02, Percent Change: -1.22

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