Patheon layoffs, on the record
Every job cut, severance charge and restructuring Patheon reported in its annual reports, 2016, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 9,100 | October 31, 2016 |
Job cuts, severance and restructuring
Our summaryThe company restructured its Puerto Rican operations in early 2014 and announced the closure of its Venlo, The Netherlands facility.
Word for word“To improve our profitability, we restructured our Puerto Rican operations as part of our efforts to eliminate operating losses and develop a long-term plan for our business in early 2014 and announced the closure of our facility in Venlo, The Netherlands on July 2, 2014.” 10-K for 2016
Our summaryThe company incurred repositioning expenses in fiscal 2015 tied to DPP synergies, ending transaction services agreements with DSM, and other operational initiatives.
Word for word“As part of our restructuring efforts, we incurred $25.1 million in repositioning expenses in fiscal 2015 which related to DPP synergies, the termination of certain transaction services agreements with DSM and other operational initiatives.” 10-K for 2016
Our summaryThe company incurred repositioning expenses in fiscal 2014 for DPP integration, facility shutdowns in Venlo and Caguas, a workforce reduction at Swindon, back-office outsourcing and other initiatives.
Word for word“During fiscal 2014, we incurred $51.7 million in repositioning expenses which related to the DPP integration activities, the shutdown of the Venlo, The Netherlands and Caguas, Puerto Rico facilities, reduction of workforce at our Swindon, U.K. facility, outsourcing of certain back-office functions and other operational initiatives.” 10-K for 2016
Our summaryThe company finished closing the Venlo facility and incurred severance and other shutdown costs in fiscal 2015.
Word for word“The Company has completed the closure project and incurred €29.5 million in severance and other shut down related costs in fiscal 2015.” 10-K for 2016
Our summaryThe company incurred repositioning expenses in fiscal 2016, mainly severance and contract cancellation costs from realigning DPS operations and winding down part of the Swindon facility.
Word for word“During fiscal 2016 , the Company incurred $ 7.3 million in repositioning expenses, primarily from severance payments and contract cancellation costs resulting from a realignment of DPS operations and the final phase of the winding down of the older section of the Swindon facility ("Swindon wind down") to allow us to re-purpose that area.” 10-K for 2016
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-10-31 | $7.3 million | $24.4 million |
Patheon 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 Patheon’s annual reports (10-K for 2016) and the financial data it files with the SEC, as of 2016-12-23. 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.