Amcor Flexibles North America layoffs, on the record
Every job cut, severance charge and restructuring Amcor Flexibles North America reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from approximately 17,500 to approximately 15,700.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 17,500 | December 31, 2016 |
| 10-K for 2017 | approximately 16,500 | December 31, 2017 |
| 10-K for 2018 | approximately 15,700 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryBemis began a restructuring program in the second quarter of 2016 to improve efficiencies and reduce fixed costs, closing four Latin American facilities in the Global Packaging segment.
Word for word“We expect total project costs of approximately $28 to $30 million, with employee termination costs accounting for $15 to $16 million of the total and the balance in other restructuring costs which include fixed asset accelerated depreciation of approximately $3 million.” 10-K for 2016
Our summaryThe 2017 Plan includes reducing the administrative support cost structure by eliminating positions.
Word for word“the reduction of our administrative support cost structure, which includes the elimination of 500 positions.” 10-K for 2017
Our summaryContinued the 2016 Restructuring and Cost Savings Plan, closing four Latin American facilities, all of which ceased operations by end of 2017.
Word for word“Based on current estimates and actual charges to date, the Company expects total pre-tax restructuring costs of approximately $ 31 million , with approximately $ 13 million in employee termination costs, approximately $ 2 million in fixed asset related costs, and $ 16 million in other costs which primarily represent the cost to move and re-install equipment.” 10-K for 2017
Our summaryRecorded total restructuring and other costs, including restructuring costs, restructuring related costs and a pension settlement charge tied to early lump-sum offers to terminated vested participants.
Word for word“Restructuring and other costs as reported on the consolidated statement of income are summarized as follows: Twelve Months Ended December 31, (in millions) 2017 2016 2015 Restructuring costs $ 47.4 $ 22.5 $ 7.8 Restructuring related costs 10.3 — — Pension settlement charge 10.1 — — Other charges 2.7 6.1 4.3 Total restructuring and other costs $ 70.5 $ 28.6 $ 12.1” 10-K for 2017
Our summaryThe company started a 2017 restructuring and cost savings plan that closes five manufacturing facilities, consolidates office space, and eliminates administrative positions.
Word for word“On June 30, 2017, the Company announced restructuring activities targeted to improve efficiency and profitability that further positions the Company for long-term success.” 10-K for 2018
Our summaryThe company began a 2016 restructuring and cost savings plan to improve efficiency and cut fixed costs, which includes closing four Latin American facilities.
Word for word“During the second quarter of 2016, the Company initiated a restructuring and cost savings plan ("2016 Plan") to improve efficiencies and reduce fixed costs.” 10-K for 2018
Our summaryThe company reported the total cost of the 2016 plan, including employee termination costs.
Word for word“The total 2016 Plan costs were $ 31.6 million , comprised of $ 13.2 million in employee termination costs, $ 1.4 million in fixed asset related costs, and $ 17.0 million in other costs which primarily represent the cost to move and re-install equipment.” 10-K for 2018
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $21.6 million | $8.3 million |
| 2017-12-31 | $11 million | — |
| 2018-12-31 | $1.8 million | — |
Amcor Flexibles North America filed 3 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 Amcor Flexibles North America’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-02-15. 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.