DAVIS, Calif., - Marrone Bio Innovations Inc., a biotech firm, is the latest company in the greater-Sacramento area facing financial struggles. And now, those struggles are resulting in the layoffs of 23 percent of its employees.
The company develops and markets environmentally friendly, natural products for pest management in agriculture and water markets.
According to The Sacramento Bee, the exact number of workers losing their jobs has not been shared, but it could be several dozen. As of March 31, the company was listed as employing 154 workers.
And, as noted in the article, Marrone Bio is a company that started off strong, with a successful initial public stock offering last year valued at $57 million. It was the first IPO in the greater Sacramento area in seven years.