TAMPA, Fla. -- - TECO Energy Inc. Cuts 160 Jobs
TAMPA, Fla. -- TECO Energy Inc. cut 160 jobs as the electric and natural gas utility continues to reduce expenses and rebuild its troubled finances.
The recent cuts mean the parent corporation of Tampa Electric Co. has reduced its work force by 238 people, or about 4 percent, in the past month, including 78 other positions eliminated in recent weeks.
John Ramil, TECO Energy's executive vice president, said the cuts were focused on managerial and supervisory jobs and administrative support and technical positions. He said retirements will account for about one-third of the 160 staff reductions.
``You hate it when you have to take people out of their jobs, but it's one of those incremental changes that you have to make to return to the position you want to be in,'' Ramil said.
The job cuts are the latest in more than a year of financial changes at the company. TECO Energy has been forced to sell assets and make other moves, such as slashing its quarterly dividend by 46 percent in April to conserve cash.
The company has been restructuring as it turns away from developing power plants in other states to refocusing on its core, regulated utilities: Tampa Electric and Peoples Gas System.
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