Market Commentary and Intraday News
FirstEnergy expects about 200 layoffs
271 days ago
(AP:AKRON, Ohio) FirstEnergy Corp. says it expects to lay off about 200 employees as the power company reevaluates its workforce and may see more reductions next year.
FirstEnergy says it will announce the results of an organizational study in November, and affected employees will be eligible for benefits under its severance plan. The review includes corporate support departments and the subsidiary FirstEnergy Solutions, located mainly in Akron.
President and CEO Anthony Alexander says the economic factors that spurred the review include slow customer load growth and low power prices caused by an abundant electric generation supply.
FirstEnergy says its workforce likely will shrink more in 2013 because it will limit the replacement of employees who leave through attrition.
The company has about 17,000 employees overall.
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