Momentive Performance Materials layoffs, on the record
Every job cut, severance charge and restructuring Momentive Performance Materials reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from approximately 4,900 to approximately 5,200.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 4,900 | As of December 31, 2016 |
| 10-K for 2017 | approximately 5,200 | December 31, 2017 |
| 10-K for 2018 | approximately 5,200 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryGlobal restructuring program announced in November 2015 and expanded in March and May 2016, with approximately $35 in annual structural cost reductions implemented, mainly through a reduction in force and delayering of selling, general and administrative roles.
Word for word“The targeted savings are being achieved primarily through a reduction in force and delayering of our organization mostly in selling, general and administrative roles, as well as productivity actions at our operating facilities.” 10-K for 2016
Our summaryExit of siloxane production at the Leverkusen, Germany site, which results in an overall reduction of employment at the site.
Word for word“This restructuring will result in an overall reduction of employment at the site.” 10-K for 2016
Our summaryGlobal restructuring program with severance-related program costs; restructuring reserve related to severance was used for workforce reductions.
Word for word“The Company expected the program cost, primarily severance related, to be approximately $15.” 10-K for 2016
Our summaryRestructuring reserve for severance and minor restructuring programs in various locations, primarily related to workforce reductions.
Word for word“These costs are primarily related to workforce reductions:” 10-K for 2016
Our summaryRestructuring and other costs in 2016 included one-time costs from siloxane capacity transformation, and reduced severance costs compared to 2015.
Word for word“These were partially offset by $11 in reduced severance costs compared to 2015 .” 10-K for 2016
Our summaryCompany announced a global restructuring program to cut costs through SG&A reductions and productivity actions, with primarily severance-related program costs.
Word for word“In November 2015 and as expanded in March and May 2016, the Company announced a global restructuring program to reduce costs through global selling, general and administrative expenses reductions and productivity actions at the Company’s operating facilities.” 10-K for 2017
Our summaryCompany announced plans to exit siloxane production at its Leverkusen, Germany site, resulting in an overall reduction of employment at the site, now fully implemented in 2017.
Word for word“In January 2016, the Company announced plans to exit siloxane production at its Leverkusen, Germany site to help optimize its manufacturing footprint in order to improve its long-term profitability once fully implemented.” 10-K for 2017
Our summaryRestructuring reserve related to severance was charged and paid for workforce reductions, including other minor restructuring programs in various locations.
Word for word“Included in this table are also other minor restructuring programs that were undertaken by the Company in different locations, none of which were individually material.” 10-K for 2017
Our summaryCompany recognized restructuring and discrete costs in 2017, including severance payments tied to workforce reductions.
Word for word“Included in restructuring and discrete costs are costs related to restructuring (primarily severance payments associated with work force reductions), loss due to fire at our Leverkusen, Germany site, and services and other expenses associated with cost optimization programs and transformation savings activities.” 10-K for 2017
Our summaryAnnounced a global restructuring program to cut costs, mainly selling, general and administrative expenses, and recorded severance-related costs for it in 2018.
Word for word“In connection with this program, during the year ended December 31, 2018 , the Company recorded severance related costs of approximately $11 , comprising of $6 for the Formulated and Basic Silicones and $5 for the Performance Additives segments of the Company.” 10-K for 2018
Our summaryRecorded severance costs for the Leverkusen siloxane exit, paid partly in late 2016 and the rest in 2017.
Word for word“The Company recorded severance related costs of approximately $3 , some of which was paid in late 2016 and the remaining paid in 2017.” 10-K for 2018
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $3 | $4 million | $12 million |
| 2017-12-31 | $3 million | $5 million | $5 million |
Momentive Performance Materials 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 Momentive Performance Materials’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-03-27. 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.