AUSTIN, Texas — Another company in the Austin area is expected to lay off more than 150 of its employees.
Hyliion, which is based in Cedar Park, says it plans on slashing its workforce by about 67%, or 175 people.
The company, which makes parts to help commercial trucks run cleaner, says it’s part of a strategic plan to wind down its powertrain business.
In a filing from Nov. 8 with the Securities and Exchange Commission, Hyliion says it intends to keep its technology, “to better align its workforce with the Company’s future needs, and to reduce the Company’s operating costs.”
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Hyliion was founded in 2015 before moving its headquarters from Pittsburgh to Cedar Park three years later thanks to an incentive deal. In 2020, Hyliion CEO Thomas Healy told KVUE that they were trying to change the trucking industry.
“It’s an exciting company,” said Healy. “We just listed on the New York Stock Exchange, so now we’re publicly traded through that transaction. We brought in over half-a-billion dollars to help us continue to grow and scale the company, but at the end of the day, this is still a startup. It’s a startup culture, atmosphere, environment, and we’re going out and we’re trying to really change the trucking industry.”
Out of the 175 layoffs, at least 150 are expected to happen at the Cedar Park headquarters, according to a notice from the Texas Workforce Commission.
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