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TAMPA, Fla., Oct. 7, 2003 -- TECO Energy on Tuesday announced staffing reductions made as a part of the restructuring initiative announced on September 2. The company today said it is reducing its workforce by approximately 160 positions company-wide, including at TECO Power Services, TECO Energy corporate, Peoples Gas System, TECO Solutions and Tampa Electric.
According to Chairman and CEO Robert D. Fagan, these changes reflect the company's refocus on its utility operations and, as a result, the consolidation of certain functions among business units. "This is the second phase of the reorganization we announced last month. These changes will result in a more streamlined and efficient operation," said Fagan.
All affected employees will receive a comprehensive separation package based on years of service. They will receive first consideration for any openings within the company through the end of the year, as well as career transition services. Costs associated with the restructuring initiatives announced today will be reflected in TECO Energy's fourth quarter results.
The staffing reductions announced are in addition to recent changes made at Peoples Gas and TECO Transport. Peoples Gas consolidated its four regions within the state to three, reducing the company's workforce by 28 positions. And, last week, TECO Bulk Terminal in Davant, Louisiana reduced its workforce by approximately 50 positions.
"While decisions affecting employees are difficult for everyone involved, we believe what we are announcing today is necessary for our company to grow stronger," said Fagan.
TECO Energy (NYSE: TE - News) is a diversified, energy-related holding company based in Tampa. Principal subsidiaries include Tampa Electric, Peoples Gas System, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions.
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