22:20:06 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Enbridge Inc
Symbol ENB
Shares Issued 934,234,152
Close 2016-10-19 C$ 58.79
Market Cap C$ 54,923,625,796
Recent Sedar Documents

Globe says Enbridge cuts 530 jobs amid slowdown

2016-10-20 06:53 ET - In the News

The Globe and Mail reports in its Thursday, Oct. 20, edition that hundreds of Enbridge employees lost their jobs on Wednesday as the firm slashed 5 per cent of its workers in a bid to boost growth and competitiveness in a difficult North American energy market. The Globe's Kelly Cryderman writes that an Enbridge spokesman said about 530 employees were laid off -- 370 in Canada and 160 in the United States. The move comes as pipeline companies look for cost-cutting measures and mergers in an era of lower-priced oil and natural gas, and a strenuous path to get shovels in the ground for new projects. It follows two years filled with tens of thousands of layoffs in Canada's energy sector. One month ago, Enbridge announced a $37-billion deal to buy Spectra Energy. The transaction is set to close early next year. However, spokesman Suzanne Wilton said staff cuts are part of an organizational review launched earlier this year, and are "not related to the Spectra combination." She said, "It is focused on what we need to do to achieve our strategy of growth and diversification, enhance our competitiveness, and allow us to capitalize on opportunities now and into the future."

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