ChampionX layoffs, on the record
Every job cut, severance charge and restructuring ChampionX reported in its annual reports, 2022 to 2024, quoted from the filings. Headcount went from approximately 7,300 to approximately 7,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 7,300 | December 31, 2022 |
| 10-K for 2023 | approximately 7,100 | December 31, 2023 |
| 10-K for 2024 | approximately 7,100 | December 31, 2024 |
Job cuts, severance and restructuring
Our summaryCompany approved various restructuring plans covering consolidation of product lines, facility closures and workforce reductions, including exit of a Reservoir Chemical Technologies product line completed in Q3 2022.
Word for word“We approved various restructuring plans related to the consolidation of product lines and associated facility closures and workforce reductions during the current and prior periods.” 10-K for 2022
Our summaryCompany recognized restructuring charges consisting primarily of contract termination costs, employee severance and related benefits, equipment disposals and warehouse closures, partly offset by facility sale gains.
Word for word“As a result, we recognized net charges of $ 68.1 million during 2022, consisting primarily of contract termination costs, employee severance and related benefits, disposals of equipment and warehouse closures, partially offset by gains realized on the sale of facilities.” 10-K for 2022
Our summaryCompany recorded restructuring charges in the Reservoir Chemical Technologies segment tied to exiting certain product lines.
Word for word“Operating profit decreased $120.5 million compared to the prior year, mainly driven by approximately $47.7 million in restructuring charges incurred during 2022 due to the exit of certain product lines to improve the overall profitability of this business and a $39.6 million impairment charge to goodwill during the fourth quarter of 2022.” 10-K for 2022
Our summaryRecorded net restructuring charges consisting mainly of contract termination costs, inventory obsolescence, and employee severance and related benefits, tied to product line consolidation, facility closures and workforce reductions.
Word for word“During 2023, we recognized net charges of $ 6.3 million consisting primarily of contract termination costs, inventory obsolescence, and employee severance and related benefits.” 10-K for 2023
Our summaryReported a restructuring accrual balance at year end after charges, asset write-offs and payments.
Word for word“December 31, 2023 $ 13,974 NOTE 12— EMPLOYEE BENEFIT PLANS The Company sponsors several pension and post-employment benefit plans in the U.S. and internationally, of which, approximately half of such plans are frozen to new participants.” 10-K for 2023
Our summaryManagement approved 2024 restructuring plans in two segments to exit certain products, close facilities and reduce headcount, and recorded restructuring expense.
Word for word“During 2024, management approved restructuring plans within our Production & Automation Technologies segment and Production Chemical Technologies segment to optimize profitability, which includes the exit of certain products, facility closures, and reducing headcount across the organization to support the remaining business.” 10-K for 2024
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $15.2 million | — |
| 2017-12-31 | $6.9 million | — |
| 2018-12-31 | $5.6 million | — |
| 2019-12-31 | $5.2 million | — |
| 2020-12-31 | $23.3 million | $19 million |
| 2021-12-31 | $13.3 million | $8.6 million |
| 2022-12-31 | $68.1 million | $26.5 million |
| 2023-12-31 | $6.3 million | $20 million |
| 2024-12-31 | $11.3 million | $9 million |
ChampionX 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 ChampionX’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2025-02-05. 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.