Cooper Tire & Rubber layoffs, on the record
Every job cut, severance charge and restructuring Cooper Tire & Rubber reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from 9,027 to 9,839.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | 9,027 | As of December 31, 2018 |
| 10-K for 2019 | 8,720 | As of December 31, 2019 |
| 10-K for 2020 | 9,839 | December 31, 2020 |
Job cuts, severance and restructuring
Our summaryThe company recorded restructuring charges and other costs and said it may take further restructuring actions, including the outcome of a recently announced restructuring in the U.K.
Word for word“The Company has and could in the future incur restructuring charges and other costs as it continues to execute actions in an effort to improve future profitability and competitiveness and may not achieve the anticipated savings and benefits from these actions.” 10-K for 2018
Our summaryThe company announced a decision to cease light vehicle production in the U.K.
Word for word“• the costs and timing of restructuring actions and impairments or other charges resulting from such actions, including the possible outcome of the recently announced decision to cease light vehicle production in the U.K., or from adverse industry, market or other developments;” 10-K for 2018
Our summaryThe company has an ongoing region by region global footprint assessment that could lead to future restructuring outcomes.
Word for word“The Company may not realize anticipated savings or benefits from the U.K. action, or future actions, in full or in part or within the time periods it expects.” 10-K for 2018
Our summaryCeased light vehicle tire production at the Melksham, U.K. facility, with restructuring expense recorded in 2019.
Word for word“The Company recorded restructuring expense of $8 million for the year related to the Melksham decision, and an additional $1 million of severance related costs due to an organizational restructuring in the Company's Asian operations in the fourt” 10-K for 2019
Our summaryThe company recorded restructuring expense in the Americas Tire Operations segment tied to buying the remaining noncontrolling interest in its Mexican joint venture COOCSA, plus a smaller charge for a U.S. reduction in force.
Word for word“During 2020, the Company recorded $11 million of restructuring expense in the Americas Tire Operations segment related to the Company's acquisition of the remaining noncontrolling ownership interest in COOCSA, and $1 million related to a U.S. reduction in force.” 10-K for 2020
Our summaryThe company recorded restructuring expense for stopping nearly all light vehicle tire production at its Melksham facility.
Word for word“In 2019, the Company recorded restructuring expense associated with the cessation of substantially all light vehicle tire production at the Melksham facility of $9 million.” 10-K for 2020
| Fiscal year ended | Restructuring charges |
|---|---|
| 2017-12-31 | $0 |
| 2018-12-31 | $0 |
| 2019-12-31 | $8.8 million |
| 2020-12-31 | $12.4 million |
Cooper Tire & Rubber 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 Cooper Tire & Rubber’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-02-22. 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.