Intertape Polymer layoffs, on the record
Every job cut, severance charge and restructuring Intertape Polymer reported in its annual reports, 2019 to 2021, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2019 | 3,603 | December 31, 2019 |
Job cuts, severance and restructuring
Our summaryClosure of the Montreal, Quebec manufacturing facility, which drove 2019 restructuring charges.
Word for word“Manufacturing facility closures, restructuring and other related charges totalled $5.1 million for the year ended December 31, 2019 , a $1.9 million decrease from $7.1 million for the year ended December 31, 2018 .” 20-F for 2019
Our summaryCharges for the Montreal facility closure were composed mainly of cash charges for termination benefits, restoration and idle facility costs, plus non-cash impairments.
Word for word“Charges incurred were composed of $4.3 million in cash charges mainly related to termination benefits, restoration and ongoing idle facility costs and $0.8 million in non-cash impairments of property, plant and equipment and inventory.” 20-F for 2019
Our summaryTermination benefits and other labor related costs were recorded within restructuring charges for 2019.
Word for word“Termination benefits and other labor related costs 1,874 1,043 2 Restoration and idle facility costs 1,978 268 308 Professional fees 393 31 87 Other (recoveries) costs (64 ) (418 ) 363 5,136 7,060 1,359 Charges incurred during the year ended December 31, 2019 were mainly the result of the Montreal, Quebec manufacturing facility closure at the end of 2019 and the Johnson City, Tennessee manufacturing facility closure at the end of 2018.” 20-F for 2019
Our summaryClosure of the Johnson City, Tennessee manufacturing facility, with charges recorded in 2018 and some post-closure costs in 2019.
Word for word“Charges incurred during the year ended December 31, 2018 were mainly the result of the Johnson City, Tennessee manufacturing facility closure and were composed of $6.1 million of non-cash impairments of property, plant and equipment and inventory as well as $0.9 million in cash charges mainly related to termination benefits and other labor related costs.” 20-F for 2019
Our summaryAdditional charges expected in 2020 for post-closure activities at the Montreal facility.
Word for word“Additional charges of $0.2 million are expected in 2020 as post-closure activities are completed in Montreal, Quebec.” 20-F for 2019
Intertape Polymer 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 Intertape Polymer’s annual reports (20-F for 2021, 20-F for 2020, 20-F for 2019) and the financial data it files with the SEC, as of 2022-03-31. 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.