North American power pipeline operator Enbridge stated on Tuesday it should minimize its workforce by 650 jobs in a bid to chop prices.
The corporate stated the cuts will start in February and be accomplished by March 1. It should scale back vacant positions, contract positions and redeploy employees the place doable, Enbridge stated.
“Price discount measures are needed to take care of our monetary energy, be extra cost-competitive and allow us to develop,” Calgary-based Enbridge stated in a press release.
It stated persistent headwinds, together with increased rates of interest, financial uncertainty and the ripple results of geopolitical developments, all contribute to more and more difficult enterprise circumstances throughout many industries.
The corporate stated it didn’t have specifics on how enterprise models and areas can be affected.
Enbridge, which owns and operates pipelines all through Canada and america, has a number of core companies, liquids pipelines, pure gasoline pipelines, gasoline utilities and storage, and renewable power.
It has a workforce of greater than 12,000 folks, primarily within the U.S. and Canada, in response to the corporate.
The Calgary Herald first reported the job cuts.