MPM layoffs, on the record
Every job cut, severance charge and restructuring MPM 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 Q4 2015 and expanded in March and May 2016, implemented about $35 in annual structural cost reductions, mainly through a reduction in force and delayering, mostly in SG&A 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 summarySiloxane rationalization at the Leverkusen, Germany facility was completed, with exit from siloxane production and an overall reduction of employment at the site.
Word for word“The Company recorded severance related costs of approximately $2, some of which was paid in late 2016 and the remaining to be paid in 2017.” 10-K for 2016
Our summaryRestructuring reserve related to severance and workforce reductions was reduced by payments and adjustments during 2016.
Word for word“Restructuring charges 4 Adjustments (2 ) Payments (12 ) Accrued liability at December 31, 2016 $ 4 For the years ended December 31, 2016 and December 31, 2015, the successor period from October 25, 2014 through December 31, 2014 and the predecessor period from January 1, 2014 through October 24, 2014, the Company recognized other costs of $40, $17, $5, and $20 respectively.” 10-K for 2016
Our summaryGlobal restructuring program announced in November 2015 and expanded in March and May 2016, to reduce SG&A costs and productivity actions; primarily severance related.
Word for word“The Company expected the program cost, primarily severance related, to be approximately $15.” 10-K for 2016
Our summaryRestructuring and other costs in 2016 included costs from union strikes, a fire at Leverkusen, and one-time siloxane transformation costs, partly offset by lower severance than 2015.
Word for word“Restructuring and other costs for 2016 increased by $10 compared to 2015 mainly due to costs arising from a fire at our Leverkusen, Germany facility and $13 for one-time costs triggered by the siloxane capacity transformation programs.” 10-K for 2016
Our summaryGlobal restructuring program announced in November 2015 and expanded in March and May 2016 to reduce costs through SG&A reductions and productivity actions, primarily severance related.
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 summaryExit of siloxane production at Leverkusen, Germany site, resulting in an overall reduction of employment at the site, 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 and workforce reduction programs; 2017 restructuring charges and payments recorded.
Word for word“The following table sets forth the changes in the restructuring reserve related to severance.” 10-K for 2017
Our summaryRestructuring and discrete costs for 2017 decreased versus 2016, including costs and one-time items tied to restructuring programs.
Word for word“Restructuring and discrete costs for 2017 decreased by $36 compared to 2016 mainly due to the gain related to an insurance reimbursement of $24 related to fire damage at our Leverkusen, Germany facility and $13 for one-time costs in 2016 triggered by the siloxane capacity transformation programs not recurring in 2017.” 10-K for 2017
Our summaryMomentive reported approximately $48 in annual structural cost reduction initiatives through its global restructuring program, with about $45 of savings achieved cumulatively.
Word for word“We have implemented approximately $48 in annual structural cost reduction initiatives through our previously announced global restructuring program, which has begun delivering significant savings.” 10-K for 2017
Our summaryAnnounced a global restructuring program to cut costs, mainly selling, general and administrative expenses.
Word for word“In March 2018, the Company announced a $15 global restructuring program to reduce costs through primarily global selling, general and administrative expense reductions.” 10-K for 2018
Our summaryRecorded severance costs in 2018 under the global restructuring program, split between two segments.
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 million | — | — |
| 2017-12-31 | — | $5 million | $5 million |
| 2018-12-31 | $11 million | $11 million | $9 million |
MPM 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 MPM’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.