Origin Materials, a West Sacramento-based company that produces more-recyclable plastics like these bottle caps, announced this week that it is cutting operating expenses and reducing its global workforce by about a third as it works to deliver its PET caps to major beverage brands.
Origin Materials
Origin Materials
Origin Materials, a West Sacramento-based firm that aims to sell more-sustainable bottle caps to the world’s beverage makers and is one of the region’s few public companies, announced widespread restructuring this week.
CEO John Bissell said in a news release that the company was “closer now than ever” to delivering caps to several large beverage brands. But he said the process had taken longer than expected. The extended timeline, he said, had not affected customers’ interest but had consumed more resources than expected and had weighed on the company’s stock price.
Origin’s caps are made of PET, polyethylene terephthalate, the same material used to make soda bottles. The company has described its thermoplastic as an easier-to-recycle alternative to the polyethylene and polypropylene lids found in grocery and convenience stores worldwide.
“Our prospective customers consume billions of caps per year and they continue to expect to begin converting to our PET caps upon successful acceptance testing, which is underway,” Bissell said in the release.
The company cut operating expenses to $29 million from $40 million, according to regulatory filings, and said its global workforce will be reduced by about a third.
The company declined to comment Friday on what portion of its West Sacramento workforce would be affected.
The company had 82 employees in the U.S. and 27 in Canada as of December 2024, according to previous regulatory filings.
The company was founded in 2008, and went public in 2021 by merging with a special-purpose acquisition company in a deal valued at about $1.8 billion. Bissell said in an interview in December that about half of the company’s U.S. employees were in West Sacramento.
This story was originally published February 13, 2026 at 2:45 PM.
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Annika Merrilees is a business reporter for The Sacramento Bee. She previously spent five years covering business and health care for the St. Louis Post-Dispatch.