Severn Trent to Cut 500 Jobs as U.K. Water Company Pares Costs

Severn Trent Plc, the U.K.’s second-largest publicly traded water company, is cutting as many as 500 of the Coventry-based utility’s 6,000 jobs after combining sewer and water-supply divisions.

Synergies and duplications were identified after bringing together the water and wastewater operations while trying to keep customer bills as low as possible, Severn Trent said in a statement yesterday. The losses may be partially offset by the creation of as many as 100 new customer-service jobs, it said.

The shares, which slipped 0.5 percent today to 1,887 pence, have risen almost 11 percent this year. Severn Trent supplies water to about 7.7 million people.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE