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