Sunoco to cut 750 jobs

March 13, 2009 10:43:32 AM PDT
Sunoco announced Friday it is cutting 750 jobs, and the majority of cuts are from the greater Philadelphia area.The company says the cuts affect only salaried employees, and not union-represented hourly workers.

However, the company plans to offer hourly employees in certain identified areas the opportunity to resign and receive severance.

The 750 cuts represent about 20% of the workforce included in the first phase of the company's "Business Improvement Initiative," according to Sunoco.

Sunoco says it expects to reduce costs by more than $300 million on an annualized basis by the end of 2009.

In addition to this workforce reduction, the company says significant savings are also expected in energy costs, and the use of materials, equipment and contractor services.

Sunoco is headquartered in Philadelphia.

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