Aegion layoffs, on the record
Every job cut, severance charge and restructuring Aegion reported in its annual reports, 2018 to 2020, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 5,350 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryBoard approved the 2017 Restructuring plan, including divesting pipe coating and insulation businesses, exiting Tyfo contractor applications, right-sizing cathodic protection in Canada and CIPP businesses in Australia and Denmark, and reducing corporate operating costs.
Word for word“On July 28, 2017, our board of directors approved a realignment and restructuring plan (the “2017 Restructuring”).” 10-K for 2018
Our summaryCompany expects to reduce headcount by an additional 100 employees under further 2017 Restructuring actions.
Word for word“We expect to reduce headcount by an additional 100 employees as a result of these further actions.” 10-K for 2018
Our summaryCompany reported pre-tax restructuring charges for the 2017 Restructuring, including employee severance, in 2018 and 2017.
Word for word“As part of the 2017 Restructuring, we recorded pre-tax charges of $29.5 million ( $24.2 million post-tax) and $23.7 million ($20.6 million post-tax) during 2018 and 2017, respectively.” 10-K for 2018
Our summaryCompany's cash charges for the 2017 Restructuring included employee severance, retention and employment assistance programs.
Word for word“Total pre-tax 2017 Restructuring and related impairment charges since inception were $139.7 million ( $125.9 million post-tax) and consisted of cash charges totaling $25.8 million and non-cash charges totaling $113.9 million .” 10-K for 2018
Our summaryCompany completed the 2016 Restructuring, which included office closures and headcount reduction.
Word for word“Cost savings were achieved primarily through office closures and reducing headcount by 964 employees, or 15.5% of our total workforce as of December 31, 2015.” 10-K for 2018
Our summaryCompany sold its Bayou pipe coating and insulation businesses in Louisiana.
Word for word“On August 31, 2018, we sold substantially all of the assets of Bayou and our ownership interest in Bayou Wasco Insulation LLC, which collectively had been held for sale as part of the 2017 Restructuring and reflected our desire to reduce further our exposure in the North American upstream oil and gas markets.” 10-K for 2018
Our summaryCompany sold substantially all fixed assets and inventory of its CIPP operations in Denmark.
Word for word“On November 1, 2018, we sold substantially all of the fixed assets and inventory from our CIPP operations in Denmark.” 10-K for 2018
Our summaryBoard approved plans to divest the Australia CIPP business, with a sale expected in the first half of 2019.
Word for word“iii. On May 14, 2018, our board of directors approved plans to divest the assets and liabilities of our CIPP operations in Australia.” 10-K for 2018
Our summaryCompany expects to exit or divest multiple remaining international businesses, substantially complete by mid-2019.
Word for word“Planned divestitures or exits of the remaining international businesses noted above are expected to be substantially complete by June 30, 2019.” 10-K for 2018
Our summaryEnergy Services segment recorded restructuring charges primarily for severance and other costs in 2018.
Word for word“Included in operating income were restructuring charges of $0.4 million in 2018 primarily related to severance, extension of benefits, employee assistance programs and other restructuring costs.” 10-K for 2018
Our summaryInfrastructure Solutions segment recorded restructuring charges for severance and related costs in 2018 and 2017.
Word for word“(iii) restructuring charges of $14.6 million and $18.1 million in 2018 and 2017, respectively, primarily related to severance, extension of benefits, employee assistance programs, wind-down and other restructuring costs; and (iv) acquisition and divestiture related expenses of $0.8 million and $0.7 million in 2018 and 2017 .” 10-K for 2018
Our summaryThe company recorded restructuring charges in 2019, including cash and non-cash amounts, tied to its restructuring efforts described in Note 4.
Word for word“Total pre-tax restructuring charges include cash charges of $19.5 million and non-cash charges of $12.8 million.” 10-K for 2019
Our summaryThe company recorded restructuring charges in 2018 within operating income, as part of its restructuring efforts.
Word for word“Operating income for 2018 includes: (i) $16.1 million of restructuring charges (see Note 4); and (ii) $0.4 million of cost incurred related to the disposition of Denmark.” 10-K for 2019
Our summaryThe company recorded restructuring charges in 2017 within operating loss, as part of its restructuring efforts.
Word for word“Operating loss for 2017 includes: (i) $17.5 million of restructuring charges (see Note 4); (ii) $45.4 million of goodwill impairment charges (see Note 2); (iii) $41.0 million of definite-lived intangible asset impairment charges (see Note 2); and (iv) $0.1 million of costs incurred related to the acquisition of Environmental Techniques.” 10-K for 2019
Our summaryThe company classified certain assets of its CIPP contracting operation in Europe as held for sale as part of its restructuring.
Word for word“During 2019, the Company classified certain assets of its CIPP contracting operation in Europe as held for sale (see Note 6).” 10-K for 2019
Our summaryThe company reported restructuring charges in 2019 within other expense, and related bad debt reversals tied to exiting low-return businesses.
Word for word“Other expense for 2019 includes $10.2 million of restructuring charges (see Note 4).” 10-K for 2019
Our summaryThe company recorded bad debt expense tied to restructuring efforts, mainly from exiting certain low-return businesses in foreign locations.
Word for word“The Company recorded bad debt expense (reversals) of less than ($0.1) million, $5.3 million and $0.4 million in 2019, 2018 and 2017, respectively, as part of the restructuring efforts (see Note 4) and was primarily due to the exiting of certain low-return businesses mainly in foreign locations.” 10-K for 2019
Our summaryThe company exited non-pipe-related Tyfo applications in North America and right-sized its cathodic protection services operation in Canada, including wind-down costs and fixed asset disposals.
Word for word“Includes charges primarily related to exiting non-pipe-related applications for the Tyfo system in North America and right-sizing the cathodic protection services operation in Canada, inclusive of wind-down costs, professional fees, patent write offs, fixed asset disposals and certain other restructuring and related charges.” 10-K for 2019
Our summaryThe company recorded restructuring charges in 2020 as part of its restructuring program.
Word for word“Operating loss for 2020 includes $9.5 million of restructuring charges (see Note 4).” 10-K for 2020
Our summaryThe company recorded pre-tax restructuring charges split between cash and non-cash amounts, tied to optimizing North American cathodic protection, exiting European CIPP operations, and disposing of certain international businesses.
Word for word“Total pre-tax restructuring charges include cash charges of $12.1 million and non-cash charges of $17.4 million.” 10-K for 2020
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $9.2 million |
| 2017-12-31 | $12.8 million |
| 2018-12-31 | $6.9 million |
Aegion filed 6 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Aegion’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-03-10. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.