Versum Materials layoffs, on the record
Every job cut, severance charge and restructuring Versum Materials reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from approximately 1,900 to approximately 2,300.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 1,900 | September 30, 2016 |
| 10-K for 2017 | approximately 2,200 | As of September 30, 2017 |
| 10-K for 2018 | approximately 2,300 | September 30, 2018 |
Job cuts, severance and restructuring
Our summaryRecorded a net gain tied to cost reduction actions, including severance and other benefits for eliminating about 90 positions.
Word for word“The 2016 net gain included a charge of $2.5 million for severance and other benefits related to the elimination of approximately 90 positions as part of cost reduction actions.” 10-K for 2016
Our summaryIncurred costs related to the Separation from Air Products.
Word for word“During fiscal year 2016, we incurred costs of $1.6 million related to the Separation.” 10-K for 2016
Our summaryRecognized an expense for severance and other benefits tied to eliminating positions, mainly in supply chain and administrative and management roles.
Word for word“In fiscal year 2015, we recognized an expense of $21.6 million .” 10-K for 2016
Our summaryRecorded severance and other charges for eliminating certain positions in a reorganization announced by Air Products.
Word for word“During the fourth quarter of fiscal year 2014, we incurred severance and other charges of $1.3 million relating to the elimination of certain positions.” 10-K for 2016
Our summaryCompany recorded a net charge for business separation, restructuring and cost reduction actions in fiscal 2017, mainly for relocating R&D activities and headquarters and setting up a stand-alone organization.
Word for word“During fiscal year 2017 , we recognized a net charge of $25.5 million .” 10-K for 2017
Our summaryCompany recorded severance and other benefits charge for the elimination of approximately 260 positions, mainly in supply chain and administrative and management roles.
Word for word“In 2015, we recognized an expense of $21.6 million primarily relating to severance and other benefits relating to the elimination of approximately 260 positions.” 10-K for 2017
Our summaryCompany's accrual for business realignment and reorganization severance was $4.2 million at September 30, 2017, after a 2017 charge of $4.7 million for severance and other benefits.
Word for word“The following table summarizes the carrying amount of the accrual for the business realignment and reorganization at September 30, 2017 : Severance and Other Benefits Asset Actions/Other Total (In millions) September 30, 2014 $ 0.9 $ — $ 0.9 2015 Charge 14.4 7.2 21.6 Cash payments (A) (11.2 ) — (11.2 ) Non-cash expenses — (7.2 ) (7.2 ) September 30, 2015 $ 4.1 $ — $ 4.1 2016 Charge 2.5 (3.2 ) (0.7 ) Cash (payments) receipts (A) (6.0 ) 4.2 (1.8 ) Non-cash expenses — (1.0 ) (1.0 ) September 30, 2016 $ 0.6 $ — $ 0.6 2017 Charge 4.7 — 4.7 Cash payments (1.1 ) — (1.1 ) Non-cash expenses — — — September 30, 2017 $ 4.2 $ — $ 4.2 (A) Cash payments include an allocation of severance and other benefits of Air Products’ employees within its Corporate and other segment which were paid by Air Products.” 10-K for 2017
Our summaryRecorded a net charge in fiscal 2018 for business separation, restructuring and cost reduction actions, mainly relocating R&D activities and headquarters and setting up a stand-alone organization.
Word for word“During fiscal year 2018 , we recognized a net charge of $20.6 million .” 10-K for 2018
Our summaryRecorded a net charge in fiscal 2017 for separation and restructuring, mainly relocating R&D and headquarters and setting up the stand-alone organization and IT infrastructure.
Word for word“During fiscal year 2017, we recognized a net charge of $25.5 million.” 10-K for 2018
Our summaryIn fiscal 2016 the company booked severance and other benefit costs for eliminating about 90 positions as part of cost reduction actions.
Word for word“The 2016 net gain of $0.7 million included a charge of $2.5 million for severance and other benefits related to the elimination of approximately 90 positions as part of cost reduction actions.” 10-K for 2018
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-09-30 | $900,000 | $1.8 million |
| 2017-09-30 | $25.5 million | $1.1 million |
| 2018-09-30 | $20.6 million | $3 million |
Versum Materials 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 Versum Materials’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 2018-11-21. 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.