North American energy pipeline operator Enbridge said on Tuesday it will cut its workforce by 650 jobs in a bid to cut costs.
The company said the cuts will begin in February and be completed by March 1. It will reduce vacant positions, contract positions and redeploy staff where possible, Enbridge said.
“Cost reduction measures are necessary to maintain our financial strength, be more cost-competitive and enable us to grow,” Calgary, Alberta-based Enbridge said in a statement.
“Persistent headwinds – including higher interest rates, economic uncertainty and the ripple effects of geopolitical developments – all contribute to increasingly challenging business conditions across many industries.”
The company said it did not have specifics on how business units and regions would be affected.
Enbridge, which owns and operates pipelines throughout Canada and the U.S., has four core businesses — liquids pipelines, natural gas pipelines, gas utilities and storage, and renewable energy.
The Calgary Herald newspaper first reported the job cuts.
(Reporting by Rod Nickel in Winnipeg, Manitoba Editing by Chris Reese and Marguerita Choy)