Mylan II B.V. layoffs, on the record
Every job cut, severance charge and restructuring Mylan II B.V. reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 35,000 to approximately 35,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 35,000 | December 31, 2017 |
| 10-K for 2018 | approximately 35,000 | As of December 31, 2018 |
Job cuts, severance and restructuring
Our summaryCompany announced restructuring programs in certain locations as initial steps to streamline operations globally, including workforce actions.
Word for word“On December 5, 2016, the Company announced restructuring programs in certain locations representing initial steps in a series of actions that are anticipated to further streamline its operations globally.” 10-K for 2017
Our summaryCompany committed to additional restructuring actions during 2017.
Word for word“On November 3, 2017, the Company committed to additional restructuring actions.” 10-K for 2017
Our summaryCompany recorded pre-tax restructuring charges in 2017, mainly for severance and employee benefits, and expects total aggregate charges of $375.0 million to $450.0 million.
Word for word“During the year ended December 31, 2017 , the Company recorded pre-tax charges of $188.0 million .” 10-K for 2017
Our summaryCompany expects restructuring to be implemented through fiscal 2018 and estimates annual savings of $350.0 million to $425.0 million once fully implemented.
Word for word“The continued restructuring actions are expected to be implemented through fiscal year 2018.” 10-K for 2017
Our summaryCompany reports restructuring employee related costs and charges by segment, with 2017 employee related costs of $107.4 million.
Word for word“Charges (1) 107.4 80.6 188.0 Cash payment (150.0 ) (2.4 ) (152.4 ) Reclassifications (8.3 ) 8.3 — Utilization — (74.4 ) (74.4 ) Foreign currency translation 5.2 0.4 5.6 Balance at December 31, 2017: $ 92.9 $ 14.1 $ 107.0 ____________ (1) For the year ended December 31, 2017 , total restructuring charges in North America, Europe, Rest of World, and Corporate/Other were approximately $48.0 million , $70.1 million , $36.5 million , and $33.4 million , respectively.” 10-K for 2017
Our summaryCompany announced a restructuring program in Q4 2016 as initial steps of actions to streamline operations globally; the program was substantially complete by December 31, 2018 apart from Morgantown.
Word for word“In the fourth quarter of 2016, the Company announced a restructuring program representing initial steps of a series of actions in certain locations that are anticipated to further streamline our operations globally.” 10-K for 2018
Our summaryCompany commenced comprehensive restructuring and remediation at the Morgantown, West Virginia plant, including a reduction of the workforce, product discontinuations and transfers.
Word for word“During the second quarter of 2018, the Company commenced comprehensive restructuring and remediation activities, which are aimed at reducing the complexity at the Morgantown, West Virginia plant and include the discontinuation and transfer to other manufacturing sites of a number of products, a reduction of the workforce and extensive process and facility remediation.” 10-K for 2018
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $149.7 million | — | $24.3 million |
| 2017-12-31 | $188 million | −$74.4 million | $152.4 million |
| 2018-12-31 | $240.2 million | −$144.5 million | $126.9 million |
| 2019-12-31 | $104.6 million | −$78.3 million | $59.4 million |
Mylan II B.V. filed 5 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 Mylan II B.V.’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2020-02-28. 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.