Evoqua Water Technologies layoffs, on the record
Every job cut, severance charge and restructuring Evoqua Water Technologies reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 4,020 to approximately 4,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 4,020 | As of September 30, 2020 |
| 10-K for 2021 | approximately 4,000 | September 30, 2021 |
| 10-K for 2022 | approximately 4,500 | September 30, 2022 |
Job cuts, severance and restructuring
Our summaryRestructured the business into two reportable operating segments, with expected annualized cost savings and about $1.0 million of non-employee cash costs through fiscal 2021.
Word for word“Effective October 1, 2018, we restructured our business into two reportable operating segments.” 10-K for 2020
Our summaryTook restructuring actions after the Memcor product line divestiture, including consolidation of certain facilities, and may incur additional restructuring charges.
Word for word“We have also taken certain restructuring actions following our divestiture of the Memcor product line, which closed on December 31, 2019.” 10-K for 2020
Our summaryStated the company has avoided layoffs, furloughs and salary reductions among its workforce to date during the COVID-19 pandemic.
Word for word“Through careful business management, including measures to reduce costs and increase cash conservation and liquidity, to date we have avoided layoffs, furloughs and salary reductions among our workforce.” 10-K for 2020
Our summaryRestructuring actions to reduce the cost structure and rationalize location footprint following the sale of the Memcor product line, recorded as post Memcor divestiture restructuring costs.
Word for word“Certain costs and expenses in connection with various restructuring initiatives, including severance and other employee-related costs, relocation and facility consolidation costs, and third-party consultant costs to assist with these initiatives.” 10-K for 2021
Our summaryTransition from a three-segment structure to a two-segment operating model, with associated two-segment restructuring costs.
Word for word“This includes: (A) amounts related to the Company’s restructuring initiatives to reduce the cost structure and rationalize location footprint following the sale of the Memcor product line; (B) amounts related to the Company’s transition from a three-segment structure to a two-segment operating model designed to better serve the needs of customers worldwide; and (C) amounts related to various other initiatives implemented to restructure and reorganize our business with the appropriate management team and cost structure.” 10-K for 2021
Our summaryVarious other restructuring and reorganization initiatives, including management team and cost structure changes.
Word for word“Total (1) $ 9.4 $ 12.2 (1) Of which $9.1 million and $12.1 million for the year ended September 30, 2021 and 2020, respectively, is reflected in restructuring charges in Note 15, “Restructuring and Related Charges,” in Part II, Item 8 of this Annual Report.” 10-K for 2021
Our summaryThe company says it has taken a number of restructuring actions in recent years to better serve customers, cut costs and improve efficiency, and warns it may not achieve the expected benefits.
Word for word“We have taken a number of restructuring actions in recent years in an effort to better serve the needs of our customers worldwide, achieve cost savings and operational efficiencies, and position ourselves for improved long-term growth and profitability.” 10-K for 2022
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-09-30 | $30 million | $18.4 million |
| 2017-09-30 | $31.7 million | $41.4 million |
| 2018-09-30 | $10.4 million | $13.3 million |
| 2019-09-30 | $13 million | $13 million |
| 2020-09-30 | $12.1 million | $9.4 million |
| 2021-09-30 | $9.1 million | $8.5 million |
| 2022-09-30 | $5.6 million | $5.2 million |
Evoqua Water Technologies 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 Evoqua Water Technologies’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2022-11-16. 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.