PureCycle Technologies announces reduction-in-force of 22 employees

In a regulatory filing, PureCycle Technologies announced, on December 1, a reduction-in-force of 22 employees, the majority of whom are not associated with the company’s Ironton, Ohio facility. Following the Separation, which is expected to be completed on December 1, 2023, the company will maintain approximately 160 employees. The reduction-in-force followed a zero based budgeting process at each function within the organization and was targeted toward optimizing the performance of the organization in the near-term. Consequently, the company expects to be able maintain its historical strategic direction. The company currently expects severance costs, principally in the form of payroll expenses, to total approximately $1M.