Circor International layoffs, on the record
Every job cut, severance charge and restructuring Circor International reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from 3,138 to approximately 3,060.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | 3,138 | As of December 31, 2020 |
| 10-K for 2022 | approximately 3,060 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryThe company recorded special and restructuring recoveries in 2020, including restructuring costs tied to its simplification efforts, mainly in the Industrial Segment.
Word for word“The recovery is a result of the net gain on sale of our Instrumentation & Sampling business, offset by professional fees related to an unsolicited tender offer to acquire the Company and other restructuring costs associated with our simplification efforts, primarily in our Industrial Segment.” 10-K for 2020
Our summaryThe company recorded restructuring, impairment and other costs in 2020, including a goodwill impairment in the Industrial reporting unit.
Word for word“During 2020, the Company recorded a total of $162.4 million of Restructuring, impairment and other costs, net, including Q1 2020 industrial reporting unit goodwill impairment in the amount of $116.2 million.” 10-K for 2020
Our summaryThe company recorded special and restructuring charges in 2019, mainly tied to its simplification and restructuring efforts.
Word for word“During 2019, the Company recorded a total of $22.9 million of Special and restructuring charges.” 10-K for 2020
Our summaryThe company restructured executive roles during 2022, eliminating Group President roles and consolidating several officer positions.
Word for word“As a result of various role restructurings over the course of 2022, including the elimination of our Group President roles, the consolidation of our Chief People Officer and General Counsel roles and the consolidation of our Chief Financial Officer and Head of Business Development roles, as of December 31, 2022 we had four active executive officers.” 10-K for 2022
Our summaryThe company paid severance and related benefits to its former CEO, Mr. Buckhout, after his employment ended.
Word for word“(4) For Mr. Buckhout, the amount shown in this column reflects severance in the amount of $1,701,000, subsidized COBRA payments in the amount of $23,737, and $20,375 for accrued vacation.” 10-K for 2022
Our summaryThe company recorded restructuring-related inventory charges in its Industrial business within restructuring and other costs for 2022.
Word for word“During 2022, the Company recorded a total of $43.7 million of restructuring and other costs, net, including $2.8 million of restructuring related inventory charges in our Industrial business.” 10-K for 2022
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $9 million | $17.2 million | $8 million |
| 2017-12-31 | $2.6 million | $9.9 million | $3 million |
| 2018-12-31 | $5.8 million | $18.9 million | $5.9 million |
| 2019-12-31 | $5.2 million | $21.5 million | $861,000 |
| 2020-12-31 | $4.9 million | −$34.3 million | $8.6 million |
| 2021-12-31 | $4.2 million | $24.3 million | $3.9 million |
| 2022-12-31 | $11.1 million | — | $12.1 million |
Circor International filed 2 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 Circor International’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 2023-03-15. 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.