Diversey Holdings layoffs, on the record
Every job cut, severance charge and restructuring Diversey Holdings reported in its annual reports, 2021 to 2022, quoted from the filings. Headcount went from approximately 8,700 to approximately 9,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 8,700 | As of December 31, 2021 |
| 10-K for 2022 | approximately 9,000 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryThe company recorded restructuring and exit costs covering facilities consolidations, exits of certain businesses leasing equipment under sales-type leases, and employee termination costs tied to aligning labor resources.
Word for word“We recorded restructuring and exit costs of $27.4 million, $25.6 million, and $19.8 million during 2021, 2020 and 2019, respectively.” 10-K for 2021
Our summaryThe company recorded a restructuring program in 2021 (Restructuring Plan 2021) and related severance, facility closing and contract termination charges, with details in Note 19.
Word for word“These charges represent facilities consolidations, the exit of certain businesses that leased equipment to customers under sales-type leases, and employee termination costs related to our initiatives to align our labor resources to our anticipated business needs.” 10-K for 2021
Our summaryBegan a strategic initiative in 2021 to consolidate certain manufacturing and warehousing facilities in Europe and North America, including opening a new manufacturing and warehousing facility in North America.
Word for word“In 2021, we began a strategic initiative to consolidate certain manufacturing and warehousing facilities within Europe and North America, which also includes opening a new manufacturing and warehousing facility in North America.” 10-K for 2022
Our summaryExpects total costs for the facility consolidation project of about $138.0 million, with $120.0 million charged so far, $111.9 million of it in 2022, and about $18.5 million still to come.
Word for word“We expect to incur approximately $138.0 million of total costs related to this project, and charged $120.0 million over the life of the project and $111.9 million during the year ended December 31, 2022.” 10-K for 2022
Our summaryRecorded restructuring costs in the fourth quarter of 2022 for a headcount reduction meant to align staffing with business needs.
Word for word“In the fourth quarter of 2022, we also incurred restructuring costs related to a reduction in headcount to realign our personnel resources with our business needs, which was aimed at maintaining a competitive cost structure and workforce optimization.” 10-K for 2022
Our summaryRecorded total restructuring and exit costs for 2022, 2021 and 2020.
Word for word“We recorded restructuring and exit costs of $48.7 million, $38.4 million, and $32.1 million during 2022, 2021 and 2020, respectively.” 10-K for 2022
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2019-12-31 | $19.8 million | — |
| 2020-12-31 | $32.1 million | $12.5 million |
| 2021-12-31 | $38.4 million | $31.1 million |
| 2022-12-31 | $48.7 million | $40.3 million |
Diversey 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 Diversey Holdings’s annual reports (10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2023-03-17. 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.