Enbridge Cuts 1,000 Jobs Following Takeover of Spectra in U.S.By
Top North American pipeline operator says workforce reduced 6%
Measure is part of synergies it aims to achieve: spokesman
“These workforce reductions are only one component of the synergies we expect to achieve over the coming months as we fully integrate our companies,” Todd Nogier, a spokesman for the company, said in an email.
The world’s biggest pipeline company by market value finalized a $28 billion takeover of Spectra on Feb. 27 as so-called midstream companies turn to consolidation to secure future growth amid opposition to new projects. Similarly, competitor TransCanada Corp. agreed to buy Columbia Pipeline Group Inc. to set up an oil and gas transportation empire spanning from Canada to Mexico.
The cuts follow the elimination of 530 positions announced in October after an organizational review. Those cuts weren’t related to the Spectra acquisition, Enbridge said at the time.
Enbridge rose 1.3 percent to C$54.80 at 12:38 p.m. in Toronto.