Desktop Metal, Inc.: restructuring charge — Desktop Metal expands cost reduction plan, targeting additional $50M savings and 15% workforce cut

Desktop Metal, Inc.

New cost reduction plan targets additional $50M in annualized savings, total $100M by 2023.
Workforce reduction of approximately 15%; four facilities to be consolidated into hubs in MA, PA, TX, and Midwest.
Estimated total pre-tax restructuring charges of $19.6M to $26.0M, including $15.5–17.5M in termination benefits.
Initiative expected to be substantially complete by end of 2023; cash expenditures $10.5M to $16.9M.
June 2022 initiative delivered $50M in annualized savings; plan doubles original target.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Desktop Metal, Inc. announced a restructuring with charges of $19.6 million to $26.0 million affecting closing and consolidating select locations in the United States and Canada (reducing the Company’s workforce by an additional 15%).

Type: restructuring
Charge: $19.6 million to $26.0 million
Affected area: closing and consolidating select locations in the United States and Canada
Headcount: reducing the Company’s workforce by an additional 15%

Exact text from the filing

On January 31, 2023, the Company committed to additional actions to continue and expand the Initiative. These additional actions include closing and consolidating select locations in the United States and Canada and reducing the Company’s workforce by an additional 15%, prioritizing investments and operations in line with near-term revenue generation, positioning the company to achieve its long-term financial goals. For all committed restructuring activities under the Initiative, the Company now expects to incur total pre-tax restructuring charges of $19.6 million to $26.0 million

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Source: SEC EDGAR

accession 0001558370-23-000760

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