Raistone, the trade-finance specialist that has laid off dozens of employees in the wake of First Brands Group’s bankruptcy, told employees it relied on the auto-parts supplier for more than 80% of its revenue, according to people with knowledge of the matter.
A Raistone executive disclosed the scope of the relationship between the two firms during a staff meeting on Tuesday, in which the company announced job cuts affecting roughly half of its workforce, said the people, who asked not to be identified describing internal company deliberations.
Raistone Blames Mass Layoffs on 80% Exposure to First Brands
