VWR layoffs, on the record
Every job cut, severance charge and restructuring VWR reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 8,800 to over 10,200.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 8,800 | December 31, 2014 |
| 10-K for 2015 | approximately 9,300 | December 31, 2015 |
| 10-K for 2016 | over 10,200 | December 31, 2016 |
Job cuts, severance and restructuring
Our summaryLaunched a global restructuring program designed to enhance interaction with customers and suppliers, improve operating efficiency and reduce operating expenses.
Word for word“During September 2013, we initiated a global restructuring program designed to enhance interaction with our customers and suppliers, improve the efficiency of our operations and reduce operating expenses.” 10-K for 2014
Our summaryRecorded severance and other employment-related restructuring costs under the global program; substantially all actions were completed by year end 2014.
Word for word“Substantially all actions under the Program were completed at December 31, 2014.” 10-K for 2014
Our summaryUndertook other cost reduction initiatives including severance and facility closure costs.
Word for word“Expenses associated with such actions were $16.9 million during the year ended December 31, 2012 and were classified as SG&A expenses.” 10-K for 2014
Our summaryClosed a regional distribution center in Brisbane, California as part of 2012 cost reduction initiatives.
Word for word“SG&A expenses for 2012 included $16.9 million for charges associated with implementing cost reduction initiatives, of which $5.4 million was for Americas (including $4.0 million related to lease and pension costs associated with the closure of a regional distribution center in Brisbane, California) and $11.5 million was for EMEA-APAC (primarily severance and personnel costs).” 10-K for 2014
Our summaryThe company initiated a global restructuring program designed to enhance customer and supplier interaction, improve operating efficiency and reduce operating expenses.
Word for word“In September 2013, we initiated a global restructuring program designed to enhance our interaction with customers and suppliers, improve the efficiency of our operations and reduce operating expenses (the “Program”).” 10-K for 2015
Our summarySeverance and termination benefit payments under the 2013 restructuring program were made, and the program's actions were substantially completed.
Word for word“Substantially all actions under the Program were completed by December 31, 2014 with only immaterial payments continuing thereafter.” 10-K for 2015
Our summaryThe company recorded restructuring charges under the 2013 program, of which most related to the EMEA-APAC segment; the company expects no additional charges under the program.
Word for word“Restructuring charges incurred under the Program were $32.5 million , of which $7.6 million related to the Americas segment and $24.9 million related to the EMEA-APAC segment.” 10-K for 2015
Our summaryThe company disclosed potential severance and continuing health benefit payments to executive officers under their employment agreements, if terminated without cause or for good reason.
Word for word“The aggregate of potential payments for all executive offers under these provisions was $10.4 million as of December 31, 2015 .” 10-K for 2015
Our summaryThe company started a restructuring program in the fourth quarter of 2016 to save costs, taking $20.3 million of charges in 2016 and expecting $14.7 million more, mostly in 2017.
Word for word“In connection with this program, we incurred charges of $20.3 million in the fourth quarter of 2016 and anticipate additional charges of $14.7 million , most of which we expect to incur in 2017.” 10-K for 2016
Our summaryThe restructuring program realigns personnel, closes several smaller operations and consolidates their activities, and closes or sells certain non-strategic business units.
Word for word“The program involves selectively realigning personnel, closures of several smaller operations accompanied by consolidation of their operating activities in other business units, and closure or divestiture of certain non-strategic businesses units.” 10-K for 2016
Our summaryThe company committed to sell a non-strategic EMEA-APAC business as part of the restructuring and wrote down its net assets.
Word for word“As a result, we incurred additional charges of $6.6 million to write down the carrying value of its net assets.” 10-K for 2016
VWR 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 VWR’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 2017-02-24. 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.