CMC Materials layoffs, on the record
Every job cut, severance charge and restructuring CMC Materials reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from 2,047 to approximately 2,200.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | 2,047 | October 31, 2019 |
| 10-K for 2020 | 2,082 | September 30, 2020 |
| 10-K for 2021 | approximately 2,200 | September 30, 2021 |
Job cuts, severance and restructuring
Our summaryRestructuring charge and asset impairment charges taken in the fourth fiscal quarter tied to closing the Matamoros and Tuscaloosa wood treatment facilities and not building a new plant.
Word for word“We have taken a restructuring charge and asset impairment charges in our fourth fiscal quarter related to the decision to close the Matamoros and Tuscaloosa facilities and to not build a new plant.” 10-K for 2019
Our summaryAcquisition and integration-related expenses, including severance and retention costs, recorded within SG&A.
Word for word“For the year ended September 30, 2019, we recorded $ 34,709 in Acquisition and integration-related expenses, including transaction costs, stock compensation expense, severance and retention costs.” 10-K for 2019
Our summaryClosed the Matamoros and Tuscaloosa wood treatment facilities and decided not to build a new plant, taking a restructuring charge and asset impairment charges in the fourth fiscal quarter of 2019.
Word for word“We took a restructuring charge and asset impairment charges in our fourth fiscal quarter of 2019 related to the decision to close the Matamoros and Tuscaloosa facilities and to not build a new plant, and as described further in Note 10 of this Annual Report on Form 10-K, we have taken an additional impairment charge in our fourth fiscal quarter of 2020 and expect to take additional impairment charges related to the wood treatment business through the end of calendar year 2021.” 10-K for 2020
Our summaryDecided in November 2019 not to build a new wood treatment facility and to stop the wood treatment business after about the end of calendar year 2021, with additional impairment charges expected.
Word for word“However, in November 2019, we communicated that we will not build a new facility, and that while we intend to explore various options for the wood treatment business we did not intend to continue the business past approximately the end of calendar year 2021.” 10-K for 2020
Our summaryRecorded an additional asset impairment charge for the wood treatment business.
Word for word“Charges related to asset impairment of wood treatment business 2,314 67,372 — Cost related to KMG-Bernuth warehouse fire, net of insurance recovery 1,083 9,905 — Costs related to the Pandemic, net of grants received 849 — — Charge for fair value write-up of acquired inventory sold — 14,869 — Net costs related to restructuring of the wood treatment business 1 (221) 1,530 — Adjusted EBITDA $ 357,801 $ 333,418 $ 189,944 1 Represents adjustments to previously recorded severance liability related to the wood treatment business.” 10-K for 2020
Our summaryRecorded net adjustments to previously recorded severance liability for the wood treatment business restructuring.
Word for word“Represents adjustments to previously recorded severance liability related to the wood treatment business.” 10-K for 2020
Our summaryCarried severance agreement liabilities for former or to-be-former employees.
Word for word“Liabilities for severance agreements at September 30, 2020 represent payments to be made to former or to be former employees in accordance with individual agreements.” 10-K for 2020
Our summaryThe company took a restructuring charge in the fourth quarter of fiscal 2019, and later asset impairment charges, tied to closing the Matamoros and Tuscaloosa facilities and exiting the wood treatment business.
Word for word“We took a restructuring charge in our fourth fiscal quarter of 2019, and asset impairment charges in each of our fourth fiscal quarters of 2020 and 2019, as well as in each of our fiscal quarters of fiscal 2021, related to the decisions to close the Matamoros and Tuscaloosa facilities and to exit the wood treatment business, as described further in Note 19 of “Notes to the Consolidated Financial Statements” included in Item 8 of Part II of this Annual Report on Form 10-K.” 10-K for 2021
| Fiscal year ended | Restructuring charges |
|---|---|
| 2017-09-30 | $0 |
| 2018-09-30 | $0 |
| 2019-09-30 | $1.5 million |
| 2020-09-30 | −$221,000 |
| 2021-09-30 | $123,000 |
CMC Materials 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 CMC Materials’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2021-11-12. 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.