General Cable layoffs, on the record
Every job cut, severance charge and restructuring General Cable reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 12,000 to approximately 8,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 12,000 | December 31, 2015 |
| 10-K for 2016 | approximately 10,000 | At December 31, 2016 |
| 10-K for 2017 | approximately 8,500 | December 31, 2017 |
Job cuts, severance and restructuring
Our summaryCompany committed to a new strategic roadmap in the fourth quarter of 2015 that may result in exit or disposal of certain businesses or production, expected to cost about $30 million in restructuring charges.
Word for word“The Company expects to incur approximately $30 million in before-tax restructuring charges; $18 million in the North America segment, $8 million in the Europe segment and $4 million in the Latin America segment.” 10-K for 2015
Our summaryEmployee separations under restructuring programs, including severance for involuntary separations of manufacturing and non-manufacturing staff.
Word for word“As of December 31, 2015 , employee separation costs included severance charges for approximately 1,170 employees; approximately 930 of these employees were classified as manufacturing employees and approximately 240 of these employees were classified as non-manufacturing employees.” 10-K for 2015
Our summaryCompleted the July 2014 restructuring program, which closed underperforming assets and consolidated facilities; program is substantially complete.
Word for word“For the years ended December 31, 2015 and 2014 , the Company incurred charges of $41.9 million and $151.1 million , respectively.” 10-K for 2015
Our summaryClosed or restructured manufacturing facilities in North America, including completing restructuring at one automotive facility and announcing permanent closure of two facilities.
Word for word“In 2015 , the Company has continued to execute its restructuring programs in North America, completing restructuring activities at one manufacturing facility in the automotive business and announcing the permanent closure of two manufacturing facilities.” 10-K for 2015
Our summarySold one Spanish manufacturing facility and reduced capacity at two others in Spain.
Word for word“In 2015 , the Company has continued to execute its restructuring programs in Europe, completing the sale of one manufacturing facility in Spain and reducing capacity in two other manufacturing facilities in Spain.” 10-K for 2015
Our summaryAnnounced consolidation of Brazil manufacturing facilities and permanent closure of one facility in Central America.
Word for word“In 2015 , the Company has continued to execute its restructuring programs in Latin America announcing the consolidation of the Company's Brazil manufacturing facilities and the permanent closure of one manufacturing facility in Central America.” 10-K for 2015
Our summaryContinued exit of Africa and Asia Pacific operations under a plan announced in October 2014.
Word for word“In October 2014 , we announced our plan to exit all of our Asia Pacific and African operations as described in Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations.” 10-K for 2015
Our summaryCompany committed to a new strategic roadmap and 2015 restructuring program; restructuring costs total expected $95.0 million, with $74.4 million incurred to date and $20.6 million estimated remaining; includes $12.7 million of employee separation costs.
Word for word“Total aggregate costs of the program to date include $12.7 million of employee separation costs, $21.3 million of asset-related costs and $40.4 million of other costs, including $24.7 million of project management costs, including consulting fees.” 10-K for 2016
Our summaryCompany recorded employee separation costs under the November 2015 restructuring program, with severance charges for approximately 370 employees as of December 31, 2016.
Word for word“As of December 31, 2016 , employee separation costs included severance charges for approximately 370 employees; approximately 260 of these employees were classified as manufacturing employees and approximately 110 of these employees were classified as non-manufacturing employees.” 10-K for 2016
Our summaryCompany continued its July 2014 comprehensive restructuring program, which is substantially complete, focused on closing underperforming assets and consolidating facilities, and also reducing SG&A expenses globally.
Word for word“In July 2014 , the Company announced a comprehensive restructuring program.” 10-K for 2016
Our summaryCompany recorded employee separation costs under the July 2014 restructuring program, with severance charges for approximately 1,430 employees as of December 31, 2016.
Word for word“As of December 31, 2016 , employee separation costs included severance charges for approximately 1,430 employees; approximately 1,110 of these employees were classified as manufacturing employees and approximately 320 of these employees were classified as non-manufacturing employees.” 10-K for 2016
Our summaryCompany continued to execute restructuring programs in North America, including closure and/or sale of three manufacturing facilities.
Word for word“In 2016 , the Company has continued to execute its restructuring programs in North America, including the closure and/or sale of three manufacturing facilities.” 10-K for 2016
Our summaryCompany continued restructuring programs in Latin America, including closure of two manufacturing facilities.
Word for word“In 2016 , the Company has continued to execute its restructuring programs in Latin America, including the closure of two manufacturing facilities.” 10-K for 2016
Our summaryCompany continued restructuring programs in Europe.
Word for word“In 2016 , the Company has continued to execute its restructuring programs in Europe.” 10-K for 2016
Our summaryCompany recorded restructuring-related asset impairment charges of $17.2 million due to changed estimated future cash flows.
Word for word“In addition, the Company recorded $17.2 million of non-cash asset impairment costs due to changes in estimated future cash flows that were not anticipated prior to 2016.” 10-K for 2016
Our summaryCompany plans to exit all Asia Pacific and African operations, announced October 2014 as a divestiture plan.
Word for word“In October 2014 , we announced our plan to divest all of our Asia Pacific and African operations as described in Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations.” 10-K for 2016
Our summaryCompany disposed of its North American Automotive Ignition Wire business as part of the strategic roadmap.
Word for word“As part of the strategic roadmap, in the second quarter of 2016 , the Company completed the disposal of its North American Automotive Ignition Wire business for total consideration of $70.7 million .” 10-K for 2016
Our summaryThe company ran a restructuring program begun in November 2015, with total costs of $107.4 million to date, including employee separation costs, and it eliminated about 480 positions worldwide.
Word for word“Total aggregate costs of the program to date include $15.4 million of employee separation costs, $23.7 million of asset-related costs and $68.3 million of other costs, including $49.1 million of consulting fees.” 10-K for 2017
Our summaryThe company recorded severance charges for roughly 480 employees, about 360 in manufacturing and about 120 in non-manufacturing roles.
Word for word“As of December 31, 2017 , employee separation costs included severance charges for approximately 480 employees; approximately 360 of these employees were classified as manufacturing employees and approximately 120 of these employees were classified as non-manufacturing employees.” 10-K for 2017
Our summaryThe company recorded employee separation costs of $2.7 million in 2017, $10.5 million in 2016 and $2.2 million in 2015 under the restructuring program.
Word for word“The Company recorded employee separation costs of $2.7 million , $10.5 million and $2.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively.” 10-K for 2017
Our summaryThe company committed to a strategic roadmap restructuring in late 2015 and approved additional spending in 2017 to expand and speed up the program.
Word for word“In 2017 , the Company approved additional expenditures to further expand, strengthen and accelerate the Company's program targeting operational effectiveness and efficiencies.” 10-K for 2017
General Cable 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 General Cable’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2018-02-28. 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.