1.2K Layoffs At National Grid
National Grid, the utility company serving much of Massachusetts, will eliminate about 1,200 positions by the summer.
The company said it is restructuring its U.S. operations, which cover portions of New York, Massachusetts, Rhode Island and New Hampshire, to reduce its costs by about $200 million.
In a statement, National Grid said the changes will help it work within its financial means. It said revenues cannot support operations as they exist now.
The new organization will take effect in April, and layoffs will take place over the next several months. Employees who are laid off will get a severance package.
The company said the reorganization will make it more state-focused. Tom King, president of national Grid U.S., will take responsibility for all U.S. business segments, and five regional presidents will handle local operations. The new regional president for Massachusetts is Marcy Reed, who previously served as senior vice president of public affairs for National Grid in the U.S.
National Grid is a U.K.-based company with U.S. operations based in Waltham. In the U.S., it provides electricity to 3.3 million customers and natural gas to 3.4 million. It has about 5,000 employees in Massachusetts and about 17,000 in the U.S.
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