SPX Flow layoffs, on the record
Every job cut, severance charge and restructuring SPX Flow reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from approximately 5,000 to approximately 4,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | approximately 5,000 | December 31, 2019 |
| 10-K for 2020 | approximately 4,800 | As of December 31, 2020 |
| 10-K for 2021 | approximately 4,900 | As of December 31, 2021 |
Job cuts, severance and restructuring
Our summaryRecognized restructuring and other related charges tied to rationalizing a dry-dairy systems business in the Food and Beverage segment, including severance, broadened during 2019.
Word for word“During 2019 and 2018, we recognized restructuring and other related charges of $9.3 and $7.6, respectively, which included, among other actions, severance and other costs associated with the rationalization of a business primarily associated with the execution of large dry-dairy systems projects in the Food and Beverage segment, initiated during the fourth quarter of 2018 and then subsequently broadened during 2019.” 10-K for 2019
Our summaryRecorded severance and other costs for closing a Food and Beverage facility in South America, closing an Industrial manufacturing facility in the U.S. and consolidating it elsewhere, reorganizing Industrial operations personnel in EMEA, and closing an Industrial sales office and service center in North America.
Word for word“Restructuring and other related charges for 2019 also included severance and other costs associated primarily with (i) the closure of a Food and Beverage segment facility in South America, (ii) the closure of an Industrial segment manufacturing facility in the U.S. and consolidation and relocation of that facility into an existing manufacturing facility in the U.S., (iii) certain Industrial segment operations personnel in the EMEA region, and (iv) the closure of an Industrial segment sales office and service center in North America.” 10-K for 2019
Our summaryRecorded employee termination costs and facility consolidation costs under restructuring in the 2019, 2018 and 2017 periods.
Word for word“The components of restructuring and other related charges were as follows: Year ended December 31, 2019 2018 2017 Employee termination costs $ 9.3 $ 6.6 $ 10.0 Facility consolidation costs — 1.0 2.9 Total $ 9.3 $ 7.6 $ 12.9 Other Income (Expense), net - Other expense, net, for 2019 was composed of non-service-related pension and postretirement costs of $5.7 and foreign currency (“FX”) losses of $3.1, partially offset by investment-related gains of $7.8, net gains on asset sales of $0.3 and other items of $0.2.” 10-K for 2019
Our summaryRecorded cash spending on restructuring actions and reported that reduced restructuring spending helped 2018 cash flows.
Word for word“Cash spending on restructuring actions ( 8.3 ) ( 11.2 ) ( 30.9 ) Net cash from continuing operations 130.1 28.0 115.0 Net cash from discontinued operations 43.2 77.6 90.0 Net cash from operating activities 173.3 105.6 205.0 Cash flows from (used in) investing activities: Proceeds from asset sales and other, net 5.0 — 37.4 Capital expenditures ( 28.5 ) ( 19.2 ) ( 16.2 ) Net cash from (used in) continuing operations ( 23.5 ) ( 19.2 ) 21.2 Net cash used in discontinued operations ( 7.5 ) ( 6.3 ) ( 3.2 ) Net cash from (used in) investing activities ( 31.0 ) ( 25.5 ) 18.0 Cash flows used in financing activities: Borrowings under amended and restated senior credit facilities 134.0 — — Repayments of amended and restated senior credit facilities ( 34.0 ) — — Borrowings under former senior credit facilities 33.0 78.8 125.5 Repayments of former senior credit facilities ( 173.0 ) ( 208.8 ) ( 313.5 ) Borrowings under former trade receivables financing arrangement 54.0 88.5 124.1 Repayments of former trade receivables financing arrangement ( 54.0 )” 10-K for 2019
Our summaryRecognized restructuring and other related charges in 2020, including consolidating a U.S. manufacturing facility and reductions in force of engineering, commercial, operations and other functional support employees.
Word for word“During 2020, we recognized restructuring and other related charges of $11.7 which included, among other actions, the consolidation and relocation of the operations of a U.S. manufacturing facility to existing facilities in the U.S. as well as in our EMEA and Asia Pacific regions and, more broadly, reductions in force of certain engineering, commercial, operations and other functional support employees within our segments, across all regions in which the segments operate, and the rationalization and outsourcing of certain corporate support functions.” 10-K for 2020
Our summaryRecognized restructuring and other related charges in 2018 for employee terminations and facility consolidation across both segments.
Word for word“Restructuring and other related charges for 2018 also included costs associated primarily with other employee terminations and, to a lesser extent, facility consolidation, across both segments.” 10-K for 2020
Our summaryRecognized restructuring charges in 2017 under a global realignment program, including manufacturing consolidation into Poland and severance tied to reorganizing functions and relocating engineering work.
Word for word“During 2017, we recognized restructuring and other related charges totaling $12.9 related to our global realignment program, which included, among other costs, charges associated with (i) the consolidation and relocation of various manufacturing operations primarily within the EMEA region into an existing facility in Poland, (ii) severance and other costs associated with the reorganization and consolidation of certain commercial, operational and administrative functions across both segments and all regions and (iii) severance and other costs associated with the relocation of certain engineering functions to lower-cost countries.” 10-K for 2020
Our summaryRecognized restructuring charges in 2016 under a global realignment program, including manufacturing relocations to Poland and a reorganization of segment management structures.
Word for word“During 2016, we recognized restructuring and other related charges totaling $48.7 related to our global realignment program, which included (i) charges of $16.5 associated with the continued consolidation and relocation of manufacturing facilities in Germany and Denmark to an existing facility in Poland, (ii) various other global restructuring initiatives across our business and corporate support functions, and, to a lesser extent, (iii) a reorganization of the Company's segment management structures.” 10-K for 2020
Our summaryIn 2021 the company recorded restructuring charges for a global cost productivity program, mainly severance and other costs from terminating employees in both segments, all regions and corporate functions.
Word for word“For 2021, $12.2 of these charges related primarily to severance and other costs associated with the termination of commercial, engineering and certain operational employees across both segments and across each region in which our segments operate, as well as certain functional support employees across most of our corporate functions.” 10-K for 2021
Our summaryIn 2021 the company recorded a small charge for facility consolidation, including closing and relocating a U.S. manufacturing facility that began in 2020.
Word for word“The remaining $0.5 of restructuring charges in 2021 related to certain facility consolidation costs, including the closure and relocation of operations of a U.S. manufacturing facility, initiated in 2020 and as discussed further below.” 10-K for 2021
Our summaryIn 2020 the company recorded restructuring charges mainly for reductions in force across segments and for outsourcing some corporate support functions.
Word for word“For 2020, $9.8 of our restructuring charges were related primarily to reductions in force of certain engineering, commercial, operations and other functional support employees within our segments, across all regions in which the segments operate, and the rationalization and outsourcing of certain corporate support functions.” 10-K for 2021
| Fiscal year ended | Restructuring charges | Cash paid for restructuring | Positions eliminated |
|---|---|---|---|
| 2016-12-31 | $60.1 million | $58.9 million | — |
| 2017-12-31 | $12.9 million | $30.9 million | — |
| 2018-12-31 | $7.6 million | $11.2 million | — |
| 2019-12-31 | $9.3 million | $8.3 million | 20 |
| 2020-12-31 | $11.7 million | $11.3 million | — |
| 2021-12-31 | $12.7 million | $13.6 million | — |
SPX Flow filed 1 restructuring notice (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 SPX Flow’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2022-02-16. 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.