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Survived 4th Merger/Acquisition

3,126 Views | 8 Replies | Last: 6 yr ago by PeekingDuck
bonfarr
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I have been employed for 24 years in a company that is the product of multiple mergers over that time period that is now being acquired by a larger company. I had my meeting with the 2 Bobs from the bigger company acquiring ours back in January and it didn't go well in my opinion and I thought for sure I was toast.

The FTC has been slow to approve the deal so we have had this really weird pause of 4 or 5 months where everyone has been running scared wondering if they get the axe. The deal is almost closed so everyone has been called in for a 20 minute meeting with a new company rep where you get a pink slip or a job offer.

400 people work in our corporate office , at least 200 are gone Day 1 or within 3 months of close, another 100 by the end of the year I think. Watching 200 people get fired in 2 weeks is brutal. Mall cops were brought in to patrol the work stations making everyone feel uneasy. I hope to never again hear the sound of an 8 months pregnant woman sobbing that nobody else will hire her in her condition.

For me the good news is during the FTC delay some powerful people looking out for me moved some chess pieces around and secured me a position in the new company. The whole process has been gut wrenching, thinking about all of these people and their families is killing me.
Rusty GCS
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It's rough. The company I work for was bought about 6 of 7 years ago and then again last year. Lots of people lost their jobs.

Although I will say many were not performing well. Most that were let go were let go after a year or more or the transition and were low performers (or refusing to accept new rules/culture of new company). The majority of the others let go were over 59 years old and were offered packages to retire early.

Regardless, those big cut days suck to see so many people escorted out.
powerbelly
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That sucks. Glad you made it through.

Having been on both sides of an acquisition I can say they are never easy on anybody.
jtp01
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Try getting a call from your boss letting you know HR will be there to close the facility in 2 hours. After a 13 year career and moving twice for the company, I was the one to deliver the information to the employees that I had been working with for my entire career and was unemployed right there with them.

This was a Fortune 500 company who had an agreement to move me back to my previous facility (I had taken over a struggling facility because I was asked and assured I would be protected in the event of a closure) but that agreement "expired". Now I get a call almost once a month asking if I want back in the industry. I have no desire to go back but it reinforces that I was a respected member of the industry.

It sucked, but it is how I found my new career in an industry I enjoy way more. It is hard to not stay angry about it because of the way it was done, but it is now water under the bridge.
Average Joe
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My wife's aunt has been in the same position as you for the last severance months, might even be the same company. She has been lucky so far, but there is still a chance for her to be let go in a few months. Not knowing has her rattled still.
GentrysMillTX10
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February 2015 I was hired into the corporate office of a hydraulic fracturing company. I knew it was risky but felt it was worth the risk. 3 weeks into my new role, the first lay off took place. HR walked out the guy across the hall from me. Whoa. Time rolls on. We're told everything is ok until a weird feeling came across the office in July.

3rd week in July 2015. I left early for a dentist appointment. As I'm in the chair having my teeth cleaned, I get a text that says my boss and our admin were just walked out. I had no idea if I still had a job when I walked in the next morning. I had a meeting at 10am on a different floor in the building. 2 co-workers from my floor joined me as we entered that floor. Not even all of the lights were on. The entire floor was RIF'ed in 1 day. A SVP came in and said there was no one left on the floor to join us for the meeting.

Over the next month I helped in the consolidation off of our floor and into the vacant floor. I went to field locations to pack up and ship anything salvageable to a warehouse elsewhere. My new boss wasn't very involved until all of us left in the department were invited to lunch with her. That night I sent her my resume so she would know more about who I am and my background. The following day, my senior counterpart was walked out. The email with my resume saved my job I later found out. Two admin were assigned to work for me. 3 days in I was told to find a technology to replace their positions. 45 days later I was told to take a long lunch. I came back to no admin. I put technology in place and work continued.

My office space changed about once a week. No one was left that knew anything about my department. I was the only one left. 6 people that all had been there years were let go. To this day, I don't know what kept me employed with that company. I have never felt such pits in my stomach...knowing I was working to replace people with technology or the feeling of walking into a floor where literally no one was left.

A VP that left there called me December 2015 and later took me to the construction industry. July 2016 he put in his 2 week notice and 3 days later had me drive him home. I stayed with that company and was promoted a month later somehow. September 2016 a start up frac company called. I was eager to jump ship and have been happy ever since.

I'm class of 2010. Never dreamed I would lived and survived such corporate environments so soon in my career.
OregonAggie
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I've been in pharma for 12 years and been through 6 layoffs and 3 mergers/acquisitions. Been laid off 2x.

My career started with 4 layoffs in the first 5 years so I've learned to just roll with it. I also have developed a mercenary mentality where I don't ever feel very connected to whatever company I work for and I really wish it were different. I really enjoy working for my current company but I know we're just a number.

BlackGold
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You should see what 900 people looks like in one day. It's depressing to say the least.
Seamaster
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Quote:

To this day, I don't know what kept me employed with that company

Because you were cheap, technically proficient, capable at doing a lot of different things and had a good attitude.

Just my guess based on what you said.

PeekingDuck
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Cheap and wanted to stay.
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