Venture

Robert Trigaux

Still streamlining, TECO Energy cutting 225 jobs via buyouts, layoffs by Sept. 30

4

September

Tampa’s TECO Energy says it will eliminate 225 jobs by the end of this month. The cuts were announced in an SEC regulatory filing on Friday.

TECO spokesman Rick Morera said the cuts are part of an ongoing consolidation of the company’s electric and gas divisions and a general productivity improvement campaign companywide. Specifically, Morera said the company offered early buyouts this summer which were taken by about 165 employees. Another 60 jobs will be cut this month, which brings the total job consolidation to the announced 225.

TECO said it expects to incur total costs up to $30 million related to severance and related benefits, with most of the costs assigned to its chief subsidiary, Tampa Electric. On July 30, TECO reorganized its senior executives, resulting in the retirement of several top managers.

The 225 cuts, TECO says, are part of the same ongoing effort to streamline the company during a difficult economic period. TECO, which employs about 4,400 in all its divisions, has not had significant job cuts since 2003.

-- Robert Trigaux, Times Business Columnist

[Last modified: Tuesday, June 1, 2010 12:25pm]

    

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