Hundreds out of work as Enbridge cuts five per cent of staff across operations
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Calgary-based Enbridge Inc. (TSX:ENB) has cut hundreds of jobs across its operations following a company-wide organizational review.
Canada's largest pipeline operator said Wednesday it has eliminated about 370 positions in Canada and about 160 in the U.S., making up roughly five per cent of its more than 11,000 staff.
The company said the cuts stemmed from an organizational review launched in the first quarter of the year, well before it announced the $37-billion takeover of fellow pipeline operator Spectra Energy Corp last month.
The Spectra deal isn't expected to close until 2017, but the company is hoping to achieve about half a billion dollars in annual efficiencies, which could include job cuts, if the deal goes through.
Enbridge spokeswoman Suzanne Wilton said the review focused on what the company needed to do to achieve growth and diversification and allow it to capitalize on opportunities.
The company made a similar five per cent cut to staff in November 2015, saying the job eliminations were needed to remain competitive and withstand difficult times in the industry.