Enbridge, the Calgary-based energy company, has announced plans to downsize its workforce by approximately 5% to reduce costs and navigate near-term challenges. Around 650 employees will be affected by the cuts, which are expected to be completed by the beginning of March.
While specifics regarding the impact on business units and regions are yet to be disclosed, Enbridge remains committed to maintaining financial strength and competitiveness. The company recognizes the need for cost reduction measures in light of persistent headwinds such as higher interest rates, economic uncertainty, and geopolitical developments.
To mitigate the impact of the reduction, Enbridge will initially explore options such as reducing vacancies, contract positions, and redeploying staff internally. These measures aim to support the company's growth and financial performance.
Enbridge had previously projected its earnings before interest, taxes, depreciation, and amortization for its base business to be between 16.6 billion Canadian dollars ($11.9 billion) and C$17.2 billion for the year 2023. The company's financial results for 2023 are scheduled to be released on February 9.
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