PPL to cut 200 jobs nationwide

February 24, 2009 10:31:26 AM PST
PPL Corp. is cutting six percent of its nonunion work force, or about 200 jobs. Chairman and Chief Executive James Miller says the reduction is necessary due to "ongoing financial pressures" resulting from the recession.

Miller adds the decisions "were made in the most equitable way possible based on the business needs" of each of PPL's operations. He is not specifying which jobs will be affected, but he says they include management and other staff positions.

Miller says the cuts will save between $20 million and $25 million a year.

As a result of the work force reduction, the Allentown, Pa.-based utility will take a one-time after-tax charge in the first quarter of 2009 of between $12 and $15 million, or 3 to 4 cents per share.

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