Shiloh Industries layoffs, on the record
Every job cut, severance charge and restructuring Shiloh Industries reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 3,600 to approximately 3,600.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 3,600 | October 31, 2017 |
| 10-K for 2018 | approximately 4,200 | October 31, 2018 |
| 10-K for 2019 | approximately 3,600 | October 31, 2019 |
Job cuts, severance and restructuring
Our summaryThe company decided to idle its manufacturing facility in Pendergrass, Georgia, to create a more efficient footprint with lower fixed costs.
Word for word“Total restructuring costs related to the idling of the Pendergrass facility were $4,450 .” 10-K for 2017
Our summaryThe company recorded restructuring charges in fiscal 2017 based on a strategic decision to operate with a more efficient and focused footprint and lower fixed costs.
Word for word“RESTRUCTURING. Restructuring charges of $4,777 were recorded during fiscal 2017 based upon our strategic decision to provide a more efficient and focused footprint allowing us to operate with lower fixed costs.These costs primarily included the impairment of the building and manufacturing equipment, employee-related costs, legal costs and other related costs.” 10-K for 2017
Our summaryThe company incurred employee-related costs related to restructuring initiatives at its Dickson, Tennessee facility.
Word for word“Also, during fiscal 2017, we incurred employee-related costs of $327 related to restructuring initiatives at our Dickson, Tennessee facility.” 10-K for 2017
Our summaryThe company expects additional restructuring costs for the Pendergrass facility and notes that operations there will be idled by the end of 2018.
Word for word“We expect to incur approximately $4,000 of additional restructuring costs related to the Pendergrass facility initiated as of October 31, 2017 .” 10-K for 2017
Our summaryRecorded restructuring charges in fiscal 2018 tied to a strategy of a more efficient and focused footprint, including employee-related costs for reductions in force.
Word for word“Restructuring charges in fiscal 2018 were $6,613 and included employee-related costs for reductions in force, professional fees and other costs to execute the restructuring activities.” 10-K for 2018
Our summaryInitiated restructuring activities to consolidate manufacturing facilities, shift production, centralize departments and build a more global organization, with the idling of the Pendergrass facility.
Word for word“During the fourth quarter of fiscal 2017, management initiated restructuring activities to consolidate manufacturing facilities, make geographical shifts to place production closer to customer facilities, centralize departments, optimize our product plan and capture synergies to establish a more global and scalable organization.” 10-K for 2018
Our summaryRecorded fiscal 2018 employee costs for restructuring, which were partly paid out in the year.
Word for word“The following table presents information about restructuring costs recorded during the fiscal years ended October 31, 2018 and 2017 : October 31, 2018 October 31, 2017 Employee costs $ 3,030 $ 392 Impairment of fixed assets — 4,085 Professional and legal costs 1,731 270 Other 1,852 30 $ 6,613 $ 4,777” 10-K for 2018
Our summaryThe company recorded restructuring charges in fiscal 2019 and fiscal 2018 for a more efficient and focused business footprint, mainly employee-related, professional and legal costs.
Word for word“RESTRUCTURING. Restructuring charges of $17,072 were recorded during fiscal 2019 and $6,613 in fiscal 2018 based upon strategic decisions to provide a more efficient and focused business footprint.” 10-K for 2019
Our summaryThe company is transforming its business through realigned manufacturing, headcount reduction, consolidated administrative functions and process improvements, which caused one-time restructuring costs in 2019.
Word for word“Transformation With the slowdown in the North American and European economies and the uncertainty with Brexit, we have continued to strategically transform our business through realignment of manufacturing processes, headcount reduction, consolidation of administrative functions and process improvements.” 10-K for 2019
Our summaryThe company started a restructuring program in late fiscal 2017 to reshape its global footprint, and it has spent $28,462 on it so far.
Word for word“We have incurred restructuring expenses of $28,462 since initiating the restructuring activities.” 10-K for 2019
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-10-31 | $0 | — | — |
| 2017-10-31 | $4.8 million | $4.8 million | $350,000 |
| 2018-10-31 | $6.6 million | — | $6.3 million |
| 2019-10-31 | $17.1 million | — | $12.2 million |
Shiloh Industries 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 Shiloh Industries’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 2019-12-20. 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.