Forterra layoffs, on the record
Every job cut, severance charge and restructuring Forterra reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from 4,578 to 4,581.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | 4,578 | December 31, 2019 |
| 10-K for 2020 | 4,581 | December 31, 2020 |
Job cuts, severance and restructuring
Our summaryCompany recorded a $3.7 million executive severance charge in selling, general and administrative expenses, primarily tied to the change in CEO in 2019.
Word for word“Selling, general and administrative expenses in the year ended December 31, 2019 were $221.8 million , an increase of $11.9 million or 5.7% from $209.9 million in the year ended December 31, 2018 .” 10-K for 2019
Our summaryCompany announced a management restructuring in which certain executives took on new roles and responsibilities.
Word for word“Prior to this transition, in March of 2019, we also announced a management restructuring under which certain of our executives assumed new roles and responsibilities.” 10-K for 2019
Our summaryCompany terminated Jeff Bradley's employment without cause under a separation and release agreement, providing lump-sum severance payments.
Word for word“We entered into a separation and release agreement with Jeff Bradley as of June 30, 2019 under which Mr. Bradley's employment was terminated without cause entitling him to severance benefits under his employment agreement with Forterra Pipe & Precast, LLC dated July 8, 2015.” 10-K for 2019
Our summaryThe filing reports executive severance expenses of $2.5 million in 2020, lower than in 2019, within selling, general and administrative expenses.
Word for word“Higher incentive compensation expenses of $6.1 million driven by better results were partially offset by lower travel expenses of $3.1 million, and lower executive severance expenses of $2.5 million in 2020 compared to 2019.” 10-K for 2020
Our summaryThe filing reports a $3.7 million executive severance charge in 2019, primarily related to the change in CEO.
Word for word“The increase was primarily due to higher IT costs as we invest in our systems and processes, increased expenses related to various disputes and claims in the ordinary course of our business, increased reserves for credit losses, as well as a $3.7 million executive severance charge primarily related to the change in CEO in 2019.” 10-K for 2020
Our summaryThe filing describes merger-related costs that include severance and other employment-related costs, which it must pay regardless of whether the merger is completed.
Word for word“We have incurred, and will continue to incur, significant direct and indirect costs and expenses in connection with the merger.” 10-K for 2020
Our summaryThe company said it has incurred and expects to keep incurring merger-related costs, including severance and other potential employment-related costs.
Word for word“These costs and expenses include fees for financial, legal and accounting advisors, facilities and systems costs in anticipation of consolidation, severance other potential employment-related costs and other transaction costs.” 10-K for 2021
Forterra 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 Forterra’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 2022-03-01. 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.