Katerra Announces 3% Reduction in Global Workforce

Katerra, the prefab construction startup, announced on Thursday April 2nd, that in response to the economic slowdown, the result of the COVID-19 pandemic bringing worldwide economies to a halt, that it has cut its global workforce by 3%. Or an estimated 240 employees. In a statement Katerra’s CEO Michael Mark said “As parts of our business shut down, we unfortunately need to make some reductions in personnel through layoffs and furloughs.” In addition to layoffs and furloughs, Katerra has reduced the salaries of its higher-paid employees, and Marks is receiving no salary.