Major Employee Restructuring at Duke Energy
In order to achieve some operational and maintenance cost reduction now that the merger between Duke Energy (NYS: DUK) and Progress Energy is complete, approximately 1,400 employees will be leaving the company, 1,000 of them voluntarily and with severance packages. Half of the downsizing will occur in 2012 and the other half will be in 2013. The company still aims to increase earnings by 4%-6% both in 2012 and 2013, despite decreased demand, and also aims to increase its industry-leading dividend. It also would like to better place itself for coming EPA restrictions, and has closed 90 coal-fired units in order to reduce carbon emissions by up to 30%.
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The article Major Employee Restructuring at Duke Energy originally appeared on Fool.com.Joel South has no positions in the stocks mentioned above. Taylor Muckerman has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Motley Fool newsletter services recommend Exelon. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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