Altra Industrial Motion layoffs, on the record
Every job cut, severance charge and restructuring Altra Industrial Motion reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 9,100 to approximately 9,300.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 9,100 | As of December 31, 2020 |
| 10-K for 2021 | approximately 9,600 | December 31, 2021 |
| 10-K for 2022 | approximately 9,300 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryUnder the 2017 Altra Plan, the company reduced headcount, consolidated facilities and eliminated certain costs; in 2020 it recognized $0.5 million of restructuring expense related to headcount reduction.
Word for word“In 2020, the Company recognized $ 0.5 million in restructuring expense related to headcount reduction.” 10-K for 2020
Our summaryUnder the 2019 Altra Plan, the company recorded workforce reduction expenses, facility consolidation and relocation costs, and other restructuring charges during 2020.
Word for word“For the year to date period ended December 31, 20 20 , the Company recorded approximately $ 5.0 million in expenses related to workforce reductions, $ 0.6 million in expenses related to facilities consolidation and relocation costs, and $ 1.3 million in other restructuring expense related charges.” 10-K for 2020
Our summaryThe company expects to incur additional restructuring expenses under the 2019 Altra Plan for workforce reductions, lease termination costs and facility rationalization over the next three years.
Word for word“The Company expects to incur an additional $ 5 - $ 7 million in restructuring expenses related to workforce reductions, lease termination costs and other facility rationalization costs under the 2019 Altra Plan over the next three years .” 10-K for 2020
Our summaryDuring 2019 the company commenced the 2019 Altra Plan, which included workforce reductions, facility consolidation and relocation costs, and other restructuring expenses.
Word for word“For the year to date period ended Decemb er 3 1 , 2019, the Company recorded approximately $ 5.9 million in expenses related to workforce reductions, $ 1.5 million in expenses related to facilities consolidation and relocation costs, and $ 1.0 million in other restructuring expense related charges.” 10-K for 2020
Our summaryRestructuring under the 2017 Altra Plan, which included reducing headcount, facility consolidations and elimination of certain costs, was completed with no further material costs expected.
Word for word“The actions taken pursuant to the 2017 Altra Plan included reducing headcount, facility consolidations and the elimination of certain costs.” 10-K for 2021
Our summaryCompany recorded workforce reduction expenses under the 2019 Altra Plan in 2021.
Word for word“For the year to date period ended December 31, 2021, the Company recorded approximately $ 2.0 million in expenses related to workforce reductions, $ 0.8 million in expenses related to facilities consolidation and relocation costs, and $ 0.2 million in other restructuring expense related charges.” 10-K for 2021
Our summaryCompany continues the 2019 Altra Plan, which includes headcount reductions and plant consolidation, and expects further restructuring expense.
Word for word“The Company expects to incur an additional $ 1 - $ 2 million in restructuring expenses under the 2019 Altra Plan over the next two years , primarily related to headcount reductions and plant consolidations.” 10-K for 2021
Our summaryCompany recorded workforce reduction expenses under the 2019 Altra Plan in 2020.
Word for word“For the year to date period ended December 31, 2020, the Company recorded approximately $ 5.0 million in expenses related to workforce reductions, $ 0.6 million in expenses related to facilities consolidation and relocation costs, and $ 1.3 million in other restructuring expense related charges.” 10-K for 2021
Our summaryCompany recorded workforce reduction expenses under the 2019 Altra Plan in 2019.
Word for word“For the year to date period ended December 31, 2019, the Company recorded approximately $ 5.9 million in expenses related to workforce reductions, $ 1.5 million in expenses related to facilities consolidation and relocation costs, and $ 1.0 million in other restructuring expense related charges.” 10-K for 2021
Our summaryThe company ran its 2019 restructuring plan in 2022 and recorded expenses mainly for severance costs.
Word for word“For the year to date period ended December 31, 2022, the Company incurred expenses of $ 5.2 million comprised mainly of severance costs.” 10-K for 2022
Our summaryThe company expects more restructuring expense under the 2019 plan over the next two years, mainly for headcount reductions and plant consolidations.
Word for word“The Company expects to incur an additional $ 1.0 - $ 2.0 million in restructuring expenses under the 2019 Altra Plan over the next two years , primarily related to headcount reductions and plant consolidations.” 10-K for 2022
Our summaryThe company began the 2017 restructuring plan after buying Stromag, which included cutting headcount and consolidating facilities.
Word for word“During 2017, the Company commenced a restructuring plan (“2017 Altra Plan”) as a result of the Company’s purchase of Stromag and to rationalize its global renewable energy business.” 10-K for 2022
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $9.8 million | $8.6 million |
| 2017-12-31 | $4.1 million | $5.1 million |
| 2018-12-31 | $4.4 million | $3.5 million |
| 2019-12-31 | $14.1 million | $11.9 million |
| 2020-12-31 | $7.4 million | $9.2 million |
| 2021-12-31 | $3 million | $4.8 million |
| 2022-12-31 | $5.2 million | $2.2 million |
Altra Industrial Motion has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Altra Industrial Motion’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-03-01. 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.