Coherent layoffs, on the record
Every job cut, severance charge and restructuring Coherent reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from 5,184 to approximately 5,085.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | 5,184 | fiscal 2019 year-end |
| 10-K for 2020 | approximately 4,875 | fiscal 2020 year-end |
| 10-K for 2021 | approximately 5,085 | As of fiscal 2021 year-end |
Job cuts, severance and restructuring
Our summaryAnnounced plans to co-locate High Power Fiber Lasers manufacturing and engineering from Hamburg, Germany to Tampere, Finland and exit a portion of the HPFL business, with restructuring charges recorded in fiscal 2019, mainly severance and excess inventory write-offs.
Word for word“In June 2019, we announced our plans to co-locate the manufacturing and engineering of our High Power Fiber Lasers ("HPFL") products at our Hamburg, Germany, facility to our Tampere, Finland, location and exit a portion of our HPFL business, expected to be completed during fiscal 2020.” 10-K for 2019
Our summaryRecorded restructuring charges in fiscal 2019 tied to the HPFL co-location and business exit, primarily estimated severance and write-offs of excess inventory recorded in cost of sales.
Word for word“In conjunction with this announcement, we recorded restructuring charges in fiscal 2019 of $19.7 million.” 10-K for 2019
Our summaryAnnounced intent to vacate the leased Santa Clara facility at the end of the lease term and combine operations at the Santa Clara headquarters.
Word for word“We have also announced our intent to vacate our leased facility in Santa Clara at the end of the current lease term in calendar 2020 and combine operations at our Santa Clara headquarters.” 10-K for 2019
Our summaryContinuing Rofin acquisition restructuring plan, including fiscal 2018 severance for employees terminated in consolidating manufacturing sites and asset write-offs.
Word for word“The fiscal 2018 severance related costs are primarily comprised of severance pay for employees being terminated due to the consolidation of certain manufacturing sites.” 10-K for 2019
Our summaryPlans to continue additional restructuring activities in fiscal 2020 related to HPFL relocation and the Rofin acquisition.
Word for word“We plan to continue additional restructuring activities in fiscal 2020 related to the relocation of our HPFL products and our acquisition of Rofin.” 10-K for 2019
Our summaryBegan a restructuring program in the ILS segment including management reorganizations, planned closure of certain manufacturing sites, and right-sizing of global sales, service, order admin, marketing communication and administrative functions.
Word for word“In the fourth quarter of fiscal 2020, we incurred costs of $2.6 million, primarily related to severance.” 10-K for 2020
Our summaryStated that it may reduce payroll-related costs through layoffs or furloughs in the future if sales or production fall due to government restrictions, though it has not done so to date.
Word for word“If our sales are reduced for an extended period or if our production output falls because of government restrictions, we may be required to reduce payroll-related costs and other expenses in the future through layoffs or furloughs, even though we have not done so to date.” 10-K for 2020
Our summaryThe company recorded further charges for the High Power Fiber Laser consolidation in fiscal 2020, mainly accelerated depreciation and project management consulting.
Word for word“We recorded charges of $1.1 million in fiscal 2020, primarily related to accelerated depreciation and project management consulting.” 10-K for 2021
Our summaryThe company recorded costs for the ILS restructuring program in fiscal 2021, mainly inventory write-offs, vendor commitment accruals, warranty provisions, estimated severance, facility exit costs and accelerated depreciation.
Word for word“In fiscal 2021, we incurred costs of $12.2 million, primarily related to write-offs of excess inventory, accruals for vendor commitments and warranty provisions, which are recorded in cost of sales, estimated severance, facility exit costs and accelerated depreciation.” 10-K for 2021
| Fiscal year ended | Severance costs | Restructuring costs incurred |
|---|---|---|
| 2020-10-03 | — | $100,000 |
| 2021-10-02 | $12.2 million | — |
Coherent 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 Coherent’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 2021-11-30. 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.