LANXESS Solutions US layoffs, on the record
Every job cut, severance charge and restructuring LANXESS Solutions US reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 2,700 to approximately 2,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 2,700 | December 31, 2014 |
| 10-K for 2015 | approximately 2,500 | December 31, 2015 |
| 10-K for 2016 | approximately 2,500 | December 31, 2016 |
Job cuts, severance and restructuring
Our summaryBoard approved a restructuring plan in November 2014 to reduce manufacturing costs, eliminate stranded costs from the sale of the Chemtura AgroSolutions business, and reduce SG&A costs, with headcount reductions as the main component.
Word for word“In November 2014, the Board approved a restructuring plan to reduce manufacturing costs, eliminate stranded costs arising from the sale of our Chemtura AgroSolutions business and reduce SG&A costs.” 10-K for 2014
Our summaryBoard approved the closure of the Adrian, MI facility, expected to occur in mid-2015, along with further actions to consolidate the business organizational structure.
Word for word“We expect the total cost of these initiatives to be approximately $7 million to $9 million, of which we recorded a pre-tax charge of $4 million in 2014, which included $3 million for severance and related costs and $1 million for accelerated asset retirement obligations related to the Adrian facility.” 10-K for 2014
Our summaryRecorded facility closures, severance and related costs in continuing operations for 2014 tied to cost reduction initiatives announced in 2013 and 2014.
Word for word“Facility closures, severance and related costs in 2014 was $25 million compared with $42 million for 2013.” 10-K for 2014
Our summaryClosure of the Droitwich, UK facility and consolidation into the Perth Amboy, NJ facility, with a further charge recorded in 2014.
Word for word“We recorded a pre-tax charge of $44 million in 2013, which included $27 million for severance and related costs, $15 million for professional fees, $1 million for accelerated depreciation of property, plant and equipment and $1 million for accelerated asset retirement obligations.” 10-K for 2014
Our summaryBoard approved a restructuring plan to reduce stranded costs related to divestitures and consolidate the organizational structure, including headcount reductions.
Word for word“In February 2013, our Board approved a restructuring plan providing for, among other things, actions to reduce stranded costs related to divestitures.” 10-K for 2014
Our summaryBoard approved a restructuring plan including closure of the Antioxidant manufacturing facility in Pedrengo, Italy and improvements to global corporate functions.
Word for word“In April 2012, our Board approved a restructuring plan providing for, among other things, the closure of our Antioxidant business manufacturing facility in Pedrengo, Italy.” 10-K for 2014
Our summaryCompany reported facility closure, severance and related costs of $3 million in 2015, versus $25 million in 2014, related to cost reduction initiatives.
Word for word“Facility closures, severance and related costs in 2015 were $3 million compared with $25 million for 2014.” 10-K for 2015
Our summaryClosure of the West Lafayette, Indiana facility, initiated in February 2015, with professional fees and severance costs recorded.
Word for word“We recorded a pre-tax charge of $2 million in 2015 for professional fees and severance related costs primarily related to the closure of our West Lafayette, IN facility that was initiated in February 2015.” 10-K for 2015
Our summaryClosure of the Adrian, Michigan facility, which occurred in mid-2015, under a June 2014 restructuring program that included severance and asset retirement costs.
Word for word“We expected the total cost of these initiatives to be approximately $7 million to $9 million , of which we recorded a pre-tax charge of $4 million in 2014, which included $3 million for severance and related costs and $1 million for accelerated asset retirement obligations related to the Adrian facility.” 10-K for 2015
Our summaryRestructuring liability for severance and related costs was $3 million at year end after $18 million of cash payments in 2015.
Word for word“Facility closure, severance and related costs 1 2 3 Cash payments (18 ) (2 ) (20 ) Foreign currency translation (1 ) — (1 ) Balance at December 31, 2015 $ 3 $ — $ 3 At December 31, 2015 and 2014, the balance of these reserves was included in accrued expenses in our Consolidated Balance Sheet.” 10-K for 2015
Our summaryThe Board approved a restructuring plan to cut manufacturing and SG&A costs and eliminate stranded costs after the AgroSolutions sale, carried out mainly through headcount reductions.
Word for word“In November 2014 , the Board of Directors (the "Board") approved a restructuring plan to reduce manufacturing costs, eliminate stranded costs arising from the sale of our Chemtura AgroSolutions business and reduce SG&A costs.” 10-K for 2016
Our summaryThe company recorded severance and related costs for the 2014 restructuring plan in the fourth quarter of 2014.
Word for word“We recorded $21 million in the fourth quarter of 2014 for severance and related costs.” 10-K for 2016
Our summaryThe company recorded a charge in 2016 for professional fees tied to the West Lafayette, IN facility closure.
Word for word“We recorded a pre-tax charge of $1 million in 2016 for professional fees related to the closure of our West Lafayette, IN facility.” 10-K for 2016
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $1 million |
LANXESS Solutions US 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 LANXESS Solutions US’s annual reports (10-K for 2016, 10-K for 2015, 10-K for 2014) and the financial data it files with the SEC, as of 2017-02-22. 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.