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.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.