Welbilt layoffs, on the record
Every job cut, severance charge and restructuring Welbilt reported in its annual reports, 2019 to 2021, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 4,800 | December 31, 2021 |
Job cuts, severance and restructuring
Our summaryThe company launched a Business Transformation Program in May 2019 and recorded consulting costs, restructuring charges and other transformation-related expenses in 2021, 2020 and 2019.
Word for word“(4) In May 2019, we launched our Business Transformation Program and incurred consulting costs, restructuring charges and other transformation-related expenses during the years ended December 31, 2021, 2020 and 2019.” 10-K for 2021
Our summaryThe company recorded restructuring charges in 2021 to cut future operating costs after efficiency gains from the Transformation Program.
Word for word“We also incurred $1.4 million of restructuring charges for the year ended December 31, 2021, intended to reduce future operating expenses as a result of the improved efficiencies gained from the execution of the Transformation Program.” 10-K for 2021
Our summaryThe company reported total Transformation Program costs since the program began, mostly settled in cash.
Word for word“We have incurred total costs of $73.4 million from the inception of the Transformation Program through December 31, 2021 and have settled these costs primarily in cash.” 10-K for 2021
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $2.5 million | $4.9 million |
| 2017-12-31 | $10.8 million | $6.2 million |
| 2018-12-31 | $6 million | $8.7 million |
| 2019-12-31 | $9.8 million | $6.6 million |
| 2020-12-31 | $8.2 million | $10.4 million |
| 2021-12-31 | $1.4 million | $5.1 million |
Welbilt 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 Welbilt’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 2022-02-28. 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.