Kaman layoffs, on the record
Every job cut, severance charge and restructuring Kaman reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from 2,846 to 3,031.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | 2,846 | As of December 31, 2021 |
| 10-K for 2022 | 3,063 | December 31, 2022 |
| 10-K for 2023 | 3,031 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryKaman recorded restructuring and severance costs under a cost reduction initiative that included workforce reductions, with the actions taken in 2021 expected to generate savings starting in the first half of 2022.
Word for word“The actions taken in 2021 are expected to begin generating savings in the first half of 2022, with total annualized cost savings of approximately $10.3 million being realized by 2024.” 10-K for 2021
Our summaryKaman identified a cost savings initiative involving outsourcing information technology functions, workforce reductions and other general and administrative reductions.
Word for word“We have identified information technology functions to be outsourced, workforce reductions and other reductions in certain general and administrative expenses to support the cost savings initiative.” 10-K for 2021
Our summaryKaman incurred severance costs while integrating the Bal Seal acquisition.
Word for word“We incurred severance costs as we integrated the acquisition of Bal Seal in year ended December 31, 2020.” 10-K for 2021
Our summaryKaman implemented temporary workforce reductions, including furloughs, and eliminated certain open positions in response to COVID-19.
Word for word“During 2020, the Company implemented temporary workforce reductions, including furloughs, and elected to eliminate certain open positions as a response to the unprecedented hardships brought on by COVID-19.” 10-K for 2021
Our summaryKaman announced a restructuring plan in December 2022 to consolidate JPF production and permanently close its Orlando, Florida manufacturing facility by the end of 2024.
Word for word“In the fourth quarter of 2022, as a result of the inability to successfully market and sell the JPF to foreign militaries in DCS transactions in a timely manner at prices and in quantities that would continue to support production at current levels, we announced a restructuring plan that will lead to the permanent closure of our Orlando, Florida manufacturing facility by the end of 2024.” 10-K for 2022
Our summaryKaman's December 2022 restructuring plan includes discontinuing K-MAX and K-MAX TITAN production, reducing headcount, and right-sizing its cost structure, with expected savings of about $25 million a year.
Word for word“As a result of this review, we announced a restructuring plan which includes the following: (i) consolidating JPF production to our Middletown, Connecticut facility leading to the permanent closure of our Orlando, Florida manufacturing facility by the end of 2024; (ii) discontinuing the manufacture and production of the K-MAX® and the K-MAX TITAN ; (iii) streamlining the Company's facilities and functions by reducing headcount, eliminating non-value added activities and waste in its processes; and (iv) right-sizing the Company's total cost structure to better align with the size of the Company.” 10-K for 2022
Our summaryKaman recognized severance costs for the fourth-quarter 2022 transformation initiatives.
Word for word“During the fourth quarter of 2022, the Company recognized $6.6 million in severance costs associated with these actions, which we anticipate will generate approximately $25.0 million in total annualized costs savings by 2024.” 10-K for 2022
Our summaryKaman stated it has identified workforce reductions and other reductions in general and administrative expenses as part of its ongoing cost savings initiative.
Word for word“The Company has identified workforce reductions and other reductions in certain general and administrative expenses to support the cost savings initiative.” 10-K for 2022
Our summaryAnnounced a restructuring plan to consolidate JPF production in Middletown, Connecticut and permanently close the Orlando, Florida manufacturing facility by the end of 2024.
Word for word“As a result of the inability to successfully market and sell the JPF to foreign militaries in DCS transactions in a timely manner at prices and in quantities that would continue to support production at current levels, in the fourth quarter of 2022, we announced a restructuring plan that will lead to the permanent closure of our Orlando, Florida manufacturing facility by the end of 2024.” 10-K for 2023
Our summaryExpects pre-tax restructuring charges for the transformation initiatives, mostly for headcount reduction and personnel costs, with about $25.0 million of annualized savings by 2024.
Word for word“In connection with these restructuring actions, the Company currently expects to incur approximately $10.0 to $12.0 million in total pre-tax restructuring charges, consisting of approximately $9.0 to $10.0 million of cash expenditures relating to various headcount reduction and personnel initiatives and approximately $1.0 to $2.0 million of cash expenditures relating to facility closing costs, which we anticipate will generate approximately $25.0 million in total annualized costs savings by 2024.” 10-K for 2023
Our summaryIncurred severance costs from the transformation actions in 2023 and 2022.
Word for word“In the years ended December 31, 2023 and 2022, we incurred $3.4 million and $6.6 million, respectively, in severance costs associated with these actions.” 10-K for 2023
Our summaryIdentified workforce reductions and general and administrative expense cuts in 2022 and 2021 to support a leaner organization.
Word for word“The Company incurred $3.2 million, and $6.2 million, respectively, related to these reductions.” 10-K for 2023
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $300,000 | −$69,000 | $960,000 |
| 2017-12-31 | — | $1.5 million | $202,000 |
| 2018-12-31 | $1.4 million | — | — |
| 2019-12-31 | $900,000 | — | — |
| 2022-12-31 | — | $6.6 million | — |
| 2023-12-31 | — | $3.4 million | — |
Kaman filed 3 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Kaman’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-02-22. 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.