Covia Holdings layoffs, on the record
Every job cut, severance charge and restructuring Covia Holdings reported in its annual reports, 2018 to 2019, quoted from the filings. Headcount went from approximately 3,384 to approximately 2,633.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 3,384 | December 31, 2018 |
| 10-K for 2019 | approximately 2,633 | As of December 31, 2019 |
Job cuts, severance and restructuring
Our summaryIn September and November 2018 the company idled six facilities serving the Energy segment in response to reduced customer demand.
Word for word“In September 2018 and November 2018, we idled operations at six facilities serving the Energy segment in response to reduced customer demand.” 10-K for 2018
Our summaryIn connection with the Merger, the company started restructuring activities to achieve cost synergies from its combined operations.
Word for word“Additionally, in connection with the Merger, we initiated restructuring activities to achieve cost synergies from our combined operations.” 10-K for 2018
Our summaryThe company recorded restructuring charges for the idled facilities, including severance, relocation and contract terminations, in 2018.
Word for word“We incurred restructuring charges of $22.0 million in the year ended December 31, 2018.” 10-K for 2018
Our summaryThe company recorded a restructuring provision for employee severance and the closure of several sales offices and laboratories.
Word for word“During the year ended December 31, 2016, we incurred a charge of $2,700 related to employee severance and the closure of several sales offices and laboratories.” 10-K for 2018
Our summaryA restructuring program at Unimin led a significant number of U.S. pension plan employees to take lump sum distributions, causing a pension settlement charge.
Word for word“The settlement charge resulted from a restructuring program where a significant number of employees opted to take a lump sum distribution which exceeded the sum of our service and interest costs for the year ended December 31, 2016.” 10-K for 2018
Our summaryThe company recorded restructuring charges, mainly separation costs from plant closures and other headcount initiatives, plus idled-facility penalties, executive severance and strategic charges.
Word for word“We incurred restructuring and other charges of $30.6 million in 2019 compared to $22.0 million in 2018, an increase of $8.6 million, or 39%.” 10-K for 2019
Our summaryRestructuring charges were primarily separation costs tied to plant closures and other headcount initiatives.
Word for word“Restructuring charges are primarily related to separation costs associated with plant closures and other headcount initiatives.” 10-K for 2019
Our summaryThe 2019 restructuring charges included executive severance and benefits, minimum quantity penalties at idled facilities and strategic-related charges.
Word for word“Restructuring charges in 2019 also include minimum quantity penalties incurred in connection with reduced production at idled facilities, $5.5 million of other charges related to executive severance and benefits, and $9.0 million of strategic-related charges.” 10-K for 2019
Our summaryThe company restructured its railcar purchase obligations with manufacturers, ending about $195 million of obligations for immaterial consideration.
Word for word“In December 2019, we entered into definitive agreements with certain railcar manufacturers to restructure our railcar purchase obligations, which were scheduled to mature in 2020 and 2021.” 10-K for 2019
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $2.7 million | — |
| 2018-12-31 | $22 million | $2.4 million |
| 2019-12-31 | $16.1 million | $27.5 million |
Covia Holdings 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 Covia Holdings’s annual reports (10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2020-03-16. 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.