Kemet layoffs, on the record
Every job cut, severance charge and restructuring Kemet reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 14,850 to approximately 14,350.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 14,850 | March 31, 2018 |
| 10-K for 2019 | approximately 14,350 | March 31, 2019 |
Job cuts, severance and restructuring
Our summaryRelocated overhead functions from the Simpsonville, South Carolina office to the new corporate headquarters in Fort Lauderdale, Florida, with severance charges for affected staff.
Word for word“KEMET incurred severance charges across various overhead functions in its Simpsonville, South Carolina office as these functions were relocated to the new corporate headquarters in Fort Lauderdale, Florida.” 10-K for 2018
Our summaryTook a reduction in force across operational and overhead functions in the TOKIN legacy group.
Word for word“Within the TOKIN legacy group, KEMET took a reduction in force across various operational and overhead functions.” 10-K for 2018
Our summaryFilm and Electrolytic segment carried out a voluntary reduction in force in its Italian operations.
Word for word“The Film and Electrolytic segment had a voluntary reduction in force in its Italian operations.” 10-K for 2018
Our summaryRelocating tantalum powder facility equipment from Carson City, Nevada to the Matamoros, Mexico plant, with severance and relocation costs expected over the next seven quarters.
Word for word“The Solid Capacitors segment is streamlining its vertical integration strategy by relocating its tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant.” 10-K for 2018
Our summaryRecorded headcount reductions tied to a European sales reorganization.
Word for word“and $0.2 million in headcount reductions related to a European sales reorganization.” 10-K for 2018
Our summaryRecorded total restructuring charges for fiscal 2018, of which personnel reduction costs were the largest part.
Word for word“The Company incurred $14.8 million in restructuring charges in the fiscal year ended March 31, 2018 , including $12.6 million of personnel reduction costs and $2.3 million of relocation costs.” 10-K for 2018
Our summaryRecorded fiscal 2017 restructuring personnel reduction costs across several sites, including headcount reductions tied to the KFM shut-down in Knoxville, Tennessee and European headcount reductions.
Word for word“Restructuring charges in the fiscal year ended March 31, 2017 included $2.2 million related to personnel reduction costs and $3.2 million of relocation costs.” 10-K for 2018
Our summaryRecorded fiscal 2016 restructuring personnel reduction costs, including headcount reductions in Matamoros, Suzhou, Victoria, North America, Europe and a partial severance accrual reversal in Italy.
Word for word“Restructuring charges in the fiscal year ended March 31, 2016 included $1.8 million related to personnel reduction costs and $2.4 million of relocation costs.” 10-K for 2018
Our summarySolid Capacitors reorganization due to a permanent structural change driven by the decline of MnO2 products.
Word for word“$1.6 million in costs related to reorganization in the Solid Capacitors reportable segment due to a permanent structural change driven by a decline of MnO2 products.” 10-K for 2019
Our summaryFilm and Electrolytic segment management structure reorganization with severance for personnel reductions.
Word for word“$0.3 million in severance charges related to personnel reductions in the Film and Electrolytic reportable segment resulting from a reorganization of the segment's management structure, and $1.6 million in costs related to reorganization in the Solid Capacitors reportable segment due to a permanent structural change driven by a decline of MnO2 products.” 10-K for 2019
Our summaryRelocation of tantalum powder facility equipment from Carson City, Nevada to Matamoros, Mexico, including severance and equipment relocation costs; expected completion by December 31, 2019.
Word for word“The Solid Capacitors reportable segment is streamlining its vertical integration strategy by relocating its tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant.” 10-K for 2019
Our summaryRelocation of axial electrolytic production from Granna, Sweden to Evora, Portugal; expected completion by June 30, 2019.
Word for word“The Film and Electrolytic reportable segment is streamlining its manufacturing operations by relocating axial electrolytic production from its plant in Granna, Sweden and to its existing Evora, Portugal plant to consolidate axial electrolytic production in an effort to further improve gross margins, net income, and cash flow.” 10-K for 2019
Our summaryFiscal 2019 restructuring charges totaled $8.8 million, including personnel reduction costs of $2.8 million.
Word for word“The Company incurred $8.8 million in restructuring charges in the fiscal year ended March 31, 2019 , including $2.8 million in personnel reduction costs and $6.0 million in relocation and exit costs.” 10-K for 2019
Our summaryFiscal 2018 restructuring included a voluntary reduction in force in the Film and Electrolytic segment's Italian operations, a TOKIN legacy headcount reduction, Simpsonville overhead severance tied to the Fort Lauderdale headquarters move, and a European sales reorganization.
Word for word“The personnel reduction costs of $12.6 million were due to $5.2 million related to a voluntary reduction in force in the Film and Electrolytic reportable segment's Italian operations; $4.4 million related to a headcount reduction in the TOKIN legacy group across various internal and operational functions; $2.7 million in severance charges across various overhead functions in the Simpsonville, South Carolina office as these functions were relocated to the Company's new corporate headquarters in Fort Lauderdale, Florida; and $0.2 million in headcount reductions related to a European sales reorganization.” 10-K for 2019
Our summaryFiscal 2017 restructuring included headcount and overhead reductions across several sites tied to plant closures and relocations.
Word for word“The Company incurred $5.4 million in restructuring charges in the fiscal year ended March 31, 2017 , including $2.2 million related to personnel reduction costs and $3.2 million of relocation and exit costs.” 10-K for 2019
| Fiscal year ended | Restructuring charges |
|---|---|
| 2017-03-31 | $5.4 million |
| 2018-03-31 | $14.8 million |
| 2019-03-31 | $8.8 million |
| 2020-03-31 | $8.9 million |
Kemet filed 1 restructuring notice (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 Kemet’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2020-05-28. 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.