Tower International layoffs, on the record
Every job cut, severance charge and restructuring Tower International reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from approximately 7,900 to approximately 5,700.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 7,900 | December 31, 2016 |
| 10-K for 2017 | approximately 7,600 | December 31, 2017 |
| 10-K for 2018 | approximately 5,700 | As of December 31, 2018 |
Job cuts, severance and restructuring
Our summaryRestructuring and asset impairment charges were recorded in 2016, including severance charges to reduce fixed costs in North America and Europe, and a lease buyout and facility maintenance costs for previously closed facilities.
Word for word“The charges incurred in the Europe segment related to severance charges to reduce fixed costs and a revision of a previous estimate.” 10-K for 2016
Our summaryRestructuring charges in North America were recorded for a lease buyout, facility maintenance and severance to reduce fixed costs, as part of the 2016 actions.
Word for word“During the year ended December 31, 2016, the charges incurred in the North America segment related to the buyout of a lease on a previously closed facility, ongoing maintenance expense of facilities closed as a result of prior actions and severance charges to reduce fixed costs.” 10-K for 2016
Our summaryEmployee termination costs were recorded in 2016 for the restructuring reserve, with severance accruals offsetting payments of prior exit costs.
Word for word“The restructuring reserve decreased during the year ended December 31, 2016, reflecting primarily payments of other exit costs related to prior accruals, offset partially by accruals for severance.” 10-K for 2016
Our summaryRecorded 2017 restructuring charges in the North America and Europe segments for severance to reduce corporate overhead, and took actions to realign management teams, including changes to the executive leadership team and Corporate and Regional management.
Word for word“During the year ended Dec ember 3 1 , 2017, the charges incurred in the North America and Europe segments related to severance charges to reduce corporate overhead and ongoing maintenance expense of facilities closed as a result of prior actions.” 10-K for 2017
Our summaryRecorded 2015 restructuring charges in North America and Europe for severance to reduce fixed costs, facility rent liabilities, and maintenance of closed facilities.
Word for word“During the year ended December 31, 2015, the charges incurred in the North America segment related to a liability established to reflect a change in estimated future rents on a previously closed facility, ongoing maintenance expense of facilities closed as a result of prior actions and severance charges to reduce fixed costs.” 10-K for 2017
Our summaryIn 2018 the company recorded severance charges to reduce corporate overhead, plus upkeep costs for facilities closed in earlier actions.
Word for word“During the year ended December 31, 2018, the charges incurred related to severance charges to reduce corporate overhead and ongoing maintenance expense of facilities closed as a result of prior actions.” 10-K for 2018
Our summaryIn 2017 the company recorded severance charges to reduce corporate overhead, plus upkeep costs for facilities closed in earlier actions.
Word for word“During the year ended December 31, 2017, the charges incurred related to severance charges to reduce corporate overhead and ongoing maintenance expense of facilities closed as a result of prior actions.” 10-K for 2018
Our summaryIn 2016 the company recorded charges for a lease buyout on a closed facility, upkeep of closed facilities, and severance to reduce fixed costs, plus a $15 million impairment on Brazilian operations.
Word for word“Additionally, the Company recorded a $15 million impairment charge upon classifying Brazilian operations as held for sale.” 10-K for 2018
| Fiscal year ended | Severance costs | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $1.3 million | $834,000 |
| 2017-12-31 | $7.9 million | $4 million |
| 2018-12-31 | $3.1 million | $4.4 million |
Tower International 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 Tower International’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 2019-02-27. 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.