Valspar layoffs, on the record
Every job cut, severance charge and restructuring Valspar reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 10,500 to approximately 11,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 10,500 | — |
| 10-K for 2015 | 11,130 | — |
| 10-K for 2016 | approximately 11,100 | — |
Job cuts, severance and restructuring
Our summaryCompany recorded restructuring charges in fiscal 2014 tied mainly to initiatives begun in fiscal 2013, including non-manufacturing headcount reductions.
Word for word“Total restructuring charges were $41,139 or $0.34 per share in fiscal year 2014 and $36,433 or $0.32 per share in fiscal year 2013.” 10-K for 2014
Our summaryCompany initiated activities to rationalize manufacturing operations in the Coatings segment in the Australia region, expected to complete in 2015.
Word for word“In the fourth quarter of 2014, we initiated activities to rationalize manufacturing operations in the Coatings segment in the Australia region, which we expect to complete in 2015.” 10-K for 2014
Our summaryCompany reduced global headcount in its Coatings segment and completed restructuring initiatives announced in 2011, including Australia Paints profitability actions, in fiscal 2012.
Word for word“In our Coatings segment, we rationalized our manufacturing capacity and reduced our overall global headcount, primarily in our wood product line.” 10-K for 2014
Our summaryCompany recorded severance and employee benefits restructuring charges across segments, including $10,668 in Coatings and $6,593 in Paints for 2014.
Word for word“The total resulting expenses recognized in fiscal year 2014, 2013, and 2012 included severance and employee benefits, asset impairments, professional services and site clean-up.” 10-K for 2014
Our summaryFiscal 2015 restructuring covered Coatings and Paints manufacturing rationalization in Australia, administrative consolidation in Europe, and non-manufacturing headcount reductions in the Paints segment in North America.
Word for word“Total pre-tax restructuring charges were $21,569 or $0.18 per share in fiscal year 2015 .” 10-K for 2015
Our summaryFiscal 2014 restructuring covered manufacturing and distribution consolidation, Australia profit plans, Europe consolidation and non-manufacturing headcount reductions.
Word for word“These restructuring activities resulted in pre-tax charges of $41,139 or $0.34 per share for fiscal year 2014 , including non-cash pre-tax asset impairment charges of $11,141 .” 10-K for 2015
Our summaryRestructuring initiatives from fiscal 2013 included severance and employee benefits, asset impairments, professional services and site clean-up, with non-manufacturing headcount reductions.
Word for word“These restructuring activities resulted in pre-tax charges of $41,139 and $36,433 in fiscal year 2014 and 2013 , respectively.” 10-K for 2015
Our summaryIn fiscal 2016 the company restructured to cut global costs by consolidating Paints manufacturing and reducing non-manufacturing headcount in the Paints and Coatings segments, with pre-tax charges.
Word for word“These restructuring activities resulted in pre-tax charges of $18,505 or $0.15 per diluted share after taxes in fiscal year 2016 .” 10-K for 2016
Our summaryIn fiscal 2015 the company closed facilities, consolidated European administrative operations and cut staffing in the Paints segment in North America, with pre-tax charges.
Word for word“These restructuring activities resulted in pre-tax charges of $21,569 or $0.18 per diluted share for fiscal year 2015 , including pre-tax non-cash asset-related charges of $2,842 .” 10-K for 2016
Our summaryThe company expects more restructuring expense in fiscal 2017 for the existing plans, mainly site clean-up, employment-related costs and accelerated depreciation.
Word for word“We currently expect additional expenses of approximately $1,200 in fiscal year 2017 for these restructuring plans, primarily related to site clean-up costs, employment-related costs and accelerated depreciation.” 10-K for 2016
Our summaryFiscal 2014 restructuring continued initiatives begun in fiscal 2013, including consolidating manufacturing and cutting non-manufacturing headcount, with pre-tax charges.
Word for word“These restructuring activities resulted in pre-tax charges of $41,139 , including non-cash asset-related charges of $11,141 .” 10-K for 2016
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-10-28 | $18.5 million | $18.5 million | $24.6 million |
Valspar 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 Valspar’s annual reports (10-K for 2016, 10-K for 2015, 10-K for 2014) and the financial data it files with the SEC, as of 2016-12-20. 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.