Well-funded construction giant Katerra cuts 117 jobs in Washington state as part of reported closure

Katerra was serving to construct the brand new Founders Corridor on the College of Washington’s Foster College of Enterprise. It was set to be the primary constructing on UW’s campus to function cross-laminated timber (CLT) and the primary undertaking in Seattle to depend on CLT as a structural ingredient. (Katerra Picture)

Development big Katerra, which has raised greater than 2 billion in enterprise capital, is shutting down, based on a report from The Information.

A Worker Adjustment and Retraining Notification was additionally filed Tuesday with the Washington Employment Safety Division that exhibits the corporate shedding 117 staff within the state beginning June four.

We’ve reached out to Katerra for remark and can replace this story after we hear again.

Katerra labored on greater than 10 initiatives in Washington state and Seattle, and in 2019 opened a 270,000 square-foot timber manufacturing facility in Spokane, Wash. It’s at the moment serving to construct Founders Hall on the College of Washington’s enterprise college. Simply final month the undertaking obtained a supply of 292 distinctive cross-laminated timber panels. It’s set to be the primary constructing on UW’s campus to function cross-laminated timber (CLT) and the primary undertaking in Seattle to depend on CLT as a structural ingredient.

The Info reported that Katerra is prone to stroll away from “dozens” of initiatives it agreed to construct.

SoftBank-backed Katerra makes use of expertise and software program for its end-to-end development service throughout a variety of constructing sorts — “remodeling development via innovation of course of and expertise,” reads its web site.

Based in 2015, the Menlo Park, Calif.-based firm employed greater than eight,000 folks final yr however now solely exhibits round 2,400 workers on LinkedIn following layoffs over the previous yr.

Late final yr Katerra appointed Kris Beason as head of Pacific Northwest development. Beason was beforehand a VP at HITT Contracting Inc. She succeeded Greg Smith, additionally primarily based in Seattle, who now leads Katerra’s multifamily residential platform.