Hanwha Q CELLS layoffs, on the record
Every job cut, severance charge and restructuring Hanwha Q CELLS reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from 9,905 to 8,003.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2015 | 9,905 | December 31, 2015 |
| 20-F for 2016 | 8,003 | — |
Job cuts, severance and restructuring
Our summaryAnnounced a restructuring to shut the Thalheim, Germany production facilities and move production machinery to Malaysia, which downsized the German workforce by about 550 positions.
Word for word“The production transfer to other sites and the corresponding restructuring has led to a reduction of the workforce in Germany by approximately 550 positions.” 20-F for 2015
Our summaryReached an agreement with the works council in Germany on the terms of the workforce restructuring program.
Word for word“In February 2015, we have reached an agreement with the works council representing the employees in Germany on the terms and conditions of the restructuring program.” 20-F for 2015
Our summaryRecorded restructuring charges of $22.0 million, consisting of employee severance ($19.0 million), other one-time termination benefits and other costs ($3.0 million), with $16.1 million paid in cash during 2015.
Word for word“The following table summarized the activities related to the restructuring charges as discussed.” 20-F for 2015
Our summaryAnnounced a global restructuring plan that shut down the Thalheim, Germany production facilities, moved machinery to Malaysia and downsized the German workforce.
Word for word“The Group estimated that it will recognize aggregate charges pursuant to the restructuring plan of up to $22.0 million and $0.7 million in 2015 and 2016, respectively, consisting of severance and other one-time termination benefits, cost to relocate long-lived assets, repayments of government subsidies and other costs.” 20-F for 2016
Our summaryThe company announced a global restructuring plan that included shutting down its Thalheim, Germany production facilities and moving the production machinery to Malaysia.
Word for word“In January 2015, we announced restructuring plans to restructure our global operations.” 20-F for 2017
Our summaryThe company recorded restructuring charges for the plan, covering severance and other one-time termination benefits, asset relocation costs, repayments of government subsidies and other costs.
Word for word“The Group estimated that it recognized aggregate charges pursuant to the restructuring plan of up to $22.0 million and $0.7 million in 2015 and 2016, respectively, consisting of severance and other one-time termination benefits, cost to relocate long-lived assets, repayments of government subsidies and other costs.” 20-F for 2017
Our summaryThe company paid cash to settle restructuring liabilities and had a small remaining balance at year end.
Word for word“In 2017, we made payments in the amount of $1.5 million to settle restructuring charge related liabilities.” 20-F for 2017
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $700,000 | $4.8 million |
| 2017-12-31 | $0 | $1.5 million |
Hanwha Q CELLS 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 Hanwha Q CELLS’s annual reports (20-F for 2017, 20-F for 2016, 20-F for 2015) and the financial data it files with the SEC, as of 2018-04-27. 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.