Greif layoffs, on the record
Every job cut, severance charge and restructuring Greif reported in its annual reports, 2022 to 2024, quoted from the filings. Headcount went from approximately 12,000 to approximately 14,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 12,000 | As of October 31, 2022 |
| 10-K for 2023 | approximately 12,000 | As of October 31, 2023 |
| 10-K for 2024 | approximately 14,000 | As of October 31, 2024 |
Job cuts, severance and restructuring
Our summaryThe company recorded restructuring charges in its consolidated statement of income for the fiscal year ended October 31, 2022.
Word for word“Restructuring charges 13.0 23.1 38.7 Timberland gains, net — ( 95.7 ) — Acquisition and integration related costs 8.7 9.1 17.0 Non-cash asset impairment charges 71.0 8.9 18.5 Gain on disposal of properties, plants and equipment, net ( 8.1 ) ( 3.7 ) ( 19.2 ) (Gain) Loss on disposal of businesses, net ( 1.4 ) 0.2 38.8 Operating profit 621.2 585.2 304.9 Interest expense, net 61.2 92.7 115.8 Debt extinguishment charges 25.4 — — Non-cash pension settlement charges — 9.1 0.3 Other expense, net 8.9 4.8 2.7 Income before income tax expense and equity earnings of unconsolidated affiliates, net 525.7 478.6 186.1 Income tax expense 137.1 69.6 63.3 Equity earnings of unconsolidated affiliates, net of tax ( 5.4 ) ( 4.2 ) ( 1.5 ) Net income 394.0 413.2 124.3 Net income attributable to noncontrolling interests ( 17.3 ) ( 22.5 ) ( 15.5 ) Net income attributable to Greif, Inc. $ 376.7 $ 390.7 $ 108.8 Basic earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 6.36 $ 6.57 $ 1.83 Class B common stock $ 9.53 $ 9.84 $ 2.74 Diluted earnings per share attributed to Greif, Inc. common shareholders: Class A common stock $ 6.30 $ 6.54 $ 1.83 Class B common stock $ 9.53 $ 9.84 $ 2.74 See accompanying Notes to Consolidated Financial Statements. 38 Table of Contents GREIF, INC. AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year Ended October 31, (in millions) 2022 2021 2020 Net income $ 394.0 $ 413.2 $ 124.3 Other comprehensive income (loss), net of tax: Foreign currency translation* ( 27.9 ) ( 1.6 ) ( 9.8 ) Derivative financial instruments 76.4 21.1 ( 12.0 ) Minimum pension liabilities ( 1.1 ) 50.4 15.1 Other comprehensive income (loss), net of tax 47.4 69.9 ( 6.7 ) Comprehensive income 441.4 483.1 117.6 Comprehensive income attributable to noncontrolling interests 10.5 21.4 2.6 Comprehensive income attributable to Greif, Inc. $ 430.9 $ 461.7 $ 115.0 * Year ended October 31, 2022 amount includes $ 113.1 million release of foreign currency translation from business divestment.” 10-K for 2022
Our summaryThe company reported restructuring charges of 18.7 million dollars in 2023, up from 13.0 million in 2022, with a restructuring reserve balance of 16.8 million at October 31, 2023.
Word for word“Plus: restructuring charges 18.7 13.0 23.1 Plus: timberland gains, net — — (95.7) Plus: acquisition and integration related costs 19.0 8.7 9.1 Plus: non-cash asset impairment charges 20.3 71.0 8.9 Plus: non-cash pension settlement charges 3.5 — 9.1 Plus: incremental COVID-19 costs, net — — 3.3 Plus: gain on disposal of properties, plants, equipment, and businesses, net (66.5) (9.5) (3.5) Adjusted EBITDA $ 818.8 $ 917.5 $ 764.2 24 Table of Contents” 10-K for 2023
Our summaryThe company recorded restructuring charges within its Global Industrial Packaging segment.
Word for word“Plus: restructuring charges 4.2 9.1 17.1 Plus: acquisition and integration related costs 12.2 0.4 — Plus: non-cash asset impairment charges 1.9 69.4 2.7 Plus: non-cash pension settlement charges 3.5 — 0.3 Plus: incremental COVID-19 costs, net — — 1.8 Plus: gain on disposal of properties, plants, equipment, and businesses, net (13.8) (4.2) (1.3) Adjusted EBITDA $ 423.7 $ 458.2 $ 453.3 Paper Packaging & Services Operating profit $ 264.1 $ 298.5 $ 131.0 Less: other (income) expense, net (1.6) (0.6) 0.3 Less: non-cash pension settlement charges — — 8.8 Plus: depreciation and amortization expense 133.1 139.9 148.0 EBITDA 398.8 439.0 269.9 Plus: restructuring charges 14.5 3.9 5.9” 10-K for 2023
Our summaryThe company recorded restructuring charges within its Paper Packaging & Services segment.
Word for word“Plus: restructuring charges 14.5 3.9 5.9 Plus: acquisition and integration related costs 6.8 8.3 9.1 Plus: non-cash asset impairment charges 18.4 1.6 5.0 Plus: non-cash pension settlement charges — — 8.8 Plus: incremental COVID-19 costs, net — — 1.5 Plus: (gain) loss on disposal of properties, plants, equipment, and businesses, net (52.3) (2.3) 1.8 Adjusted EBITDA $ 386.2 $ 450.5 $ 302.0 Land Management Operating profit $ 7.1 $ 9.0 $ 104.0” 10-K for 2023
Our summaryGreif said it has closed higher cost facilities and otherwise restructured its paper packaging operations over the past several years to improve cost competitiveness.
Word for word“In addition, over the past several years we have closed higher cost facilities and otherwise restructured our operations, which we believe has significantly improved our cost competitiveness.” 10-K for 2024
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-10-31 | $26.9 million |
| 2017-10-31 | $12.7 million |
| 2018-10-31 | $18.6 million |
| 2019-10-31 | $26.1 million |
| 2020-10-31 | $38.7 million |
| 2021-10-31 | $23.1 million |
| 2022-10-31 | $13 million |
| 2023-10-31 | $18.7 million |
| 2024-10-31 | $5.4 million |
| 2025-09-30 | $40.3 million |
Greif 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 Greif’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2024-12-23. 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.