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* News * Research * Directory * Newsletter * Partner with us * Menu * News * Industrial * Aerospace * Space * Defense * Automotive * Consumer Products * Construction * Sustainability * Medical AM * Medical Implants * Medical Models * Medical Devices * Dental AM * Bioprinting * AM Market * AM Hardware * AM Materials * AM Service * AM Software * Events * AM Industry * Acquisitions * Careers * Distribution * Money & Funding * Research & Education * Analysis * Resources * eBooks * Webinars * Case Studies * Executive Interviews * AM Stocks * VM Guides * VM Focus * Calendar * eBooks * Events * Podcast * About * Team * Contribute * Advertise * Contact * Search for Home/Trends 2023/Desktop Metal to lay off 160 staff, WSJ reports Financial ReportsMoney & FundingTrends 2023 DESKTOP METAL TO LAY OFF 160 STAFF, WSJ REPORTS VoxelMattersJune 14, 2022 1 minute read Desktop Metal's Production System based on its Single Pass Jetting technology Stay up to date with everything that is happening in the wonderful world of AM via our LinkedIn community. According to a story that we first saw on MarketWatch, authored by WSJ journalist Will Feuer, production AM hardware manufacturer Desktop Metal will lay off 160 staff, which is about 12% of its current workforce, as it seeks to control costs after a string of acquisitions last year. While Desktop Metal acquired several young startups (Aerosint, Meta Additive, Forust) and smaller strategic companies (Aidro) to further develop their technologies and applications know-how, the main redundancies are likely to be found in the larger acquisition, ExOne and EnvisionTEC (rebranded ETEC), as the company has been implementing a streamlining strategy along with brand coordination. According to Feuer, the company, which offers additive manufacturing technologies focused on the production of end-use parts, said it expects to take a one-time charge tied to termination benefits of about $14 million, most of which are expected in the second quarter of 2022. That doesn’t include lease-termination costs, the company said. (Image: Desktop Metal) While it is true that Desktop Metal stocks have lost over 80% of their value since the initial listing (via SPAC merger), and is very far from its peak value of $31 (something not entirely uncommon for 3D printing-related stocks, which are among the most volatile that exist), such cost reduction initiatives are likely relatively standard consequence of a very complex merger, between multiple companies operating in the same or similar segments. Desktop Metal said it expects its cost-optimization plan to be substantially complete by the end of 2023. The plan is expected to result in about $40 million of annualized run-rate adjusted cost savings, and at least $100 million of aggregate cost savings over the next 24 months. Desktop Metal Chief Executive Ric Fulop said the company’s 2021 acquisitions increased its cost base and global facilities footprint. He said the optimization plan is the result of a comprehensive operations review. The company is still reviewing international workforce changes, it said, though the impact to the US workforce will be announced to employees Monday. As of March 31, Desktop Metal had more than $317 million in cash, cash equivalents and short-term investments, the company said. Tags top news VoxelMattersJune 14, 2022 1 minute read RESEARCH Polymer AM Market Opportunities and Trends 741 UNIQUE POLYMER AM COMPANIES INDIVIDUALLY SURVEYED AND STUDIED. CORE POLYMER AM MARKET GENERATED $4.6 BILLION IN 2021. MARKET EXPECTED TO GROW TO OVER $34 BILLION BY 2030 AT 24.8% CAGR. THIS NEW... Get access VOXELMATTERS 3D Printing Media Network is the online trade media portal published by 3dpbm, a leading marketing and market research firm specializing in the AM industry. 3dpbm also publishes the 3D Printing Business Directory, the AM Focus eBook series and the 3dpbm Research AM Market Reports. 3D Printing Media Network was founded with the goal to provide the latest industry news, insights and opinions to a global audience of professionals and decision makers. * Website RELATED ARTICLES NANO DIMENSION OFFERS TO ACQUIRE STRATASYS FOR $18.00 PER SHARE March 10, 2023 ZEDA CLOSES US$52 MILLION SERIES B FINANCING ROUND March 8, 2023 STRATASYS REPORTS FULL YEAR 2022 REVENUE OF $651.5 MILLION, UP 7.3% March 5, 2023 CARACOL CLOSES €10 MILLION SERIES A ROUND March 3, 2023 Check Also Close * 3D Printing Service Providers Blueprint launches to offer custom part solutions via AM March 15, 2023 eBook * eBooks VoxelMatters Medical VM Focus 2023 eBook March 13, 2023 Newsletter I’ve read and accept the privacy policy.* Leave this field empty if you're human: VM Focus 2023 * Consumer Products Gorgeous parametric table 3D printed by Rolab Studio March 16, 2023 * 3D Printed Footwear At the PEAK of footwear innovation March 13, 2023 * Ceramic Additive Manufacturing KERAMIK and the art of firing clay (with the help of 3D printing) March 9, 2023 Executive Interviews * A new reality on the cloud March 9, 2023 * Beyond 3D printed houses March 6, 2023 * A user group like no other February 20, 2023 Materials * Copper alloy C18150 qualified on Desktop… March 16, 2023 * Uniformity Labs launches UniFuse IN718 nickel… March 15, 2023 * SLM Solutions and IperionX sign MoU March 15, 2023 Case Studies * Nonlinear Resonance Testing of metal AM… March 15, 2023 * FHNW students build functional Mars rover… February 16, 2023 * SD1 saves $40,000 annually by 3D… February 13, 2023 About Us VoxelMatters is a leading market research and analysis publisher for the additive manufacturing industry. 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