The Initial Listing of Ouster Inc. (NYSE: OUST) was celebrated on Friday, March 12, 2021, at the New York Stock Exchange. To mark the occasion, Ouster CEO Angus Pacala rang The Opening Bell® alongside Chris Taylor, Vice President, NYSE Listings and Services.
According to a statement released on Thursday, lidar manufacturer Ouster is still on track to achieve over $75 million in annual cost savings by the end of 2023, following its merger with competitor Velodyne in February.
During an interview with CNBC after the company’s fourth-quarter report, CEO Angus Pacala stated that Ouster has already started integrating Velodyne’s personnel and technology into its existing business, resulting in the reduction of approximately 200 employees from the post-merger business.
He added that Ouster is expected to achieve around $50 million of the promised $75 million in annualized cost savings by the end of the first quarter, based on the standalone costs of the two companies as of the third quarter of 2022.
For its fourth quarter, which reflects Ouster’s results…
2023-03-23 16:30:07
Article from www.cnbc.com