Major changes are coming to Rock Hill-based 3D Systems Corp. On Wednesday, the additive manufacturer released its second-quarter earnings as scheduled, but also disclosed plans for restructuring and a new focus in terms of target industries.
New CEO Jeffrey Graves, who took over in May, said the company is aiming to reduce its operating costs by $100 million per year by the end of 2021. 3D Systems will reduce its workforce by 20% as a part of the cost-cutting measures, with most of those cuts coming by year’s end.
The company will spend between $25 million and $30 million on severance, facility closures and other costs, mostly in the second half of 2020. Graves also said the company would shift its focus to two main industries: medical and industrial.