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A company spokesman said 165 workers accepted the buyouts and severance packages. That leaves 60 workers who will be laid off. Some have already lost their jobs.
Those who accepted the buyout have already left. The company expects the layoffs to be complete by the end of this month, said Rick Morera, a company spokesman. "It should take us the rest of this month to get where we should be," he said.
Morera also said most of those layoffs will come from management and supervisory positions.
The corporation had about 4,400 employees before the buyouts and layoffs.
The cuts are part of a reorganization TECO started in July. TECO combined its Tampa Electric Co. and Peoples Gas operations, and the job losses came from both subsidiaries.
A filing with the Securities and Exchange Commission said the cuts are expected to cost TECO $25 million to $30 million for severance and benefit payments. Of that, Tampa Electric is expected to see costs of $20 million to $25 million, the filing said.
But reorganization and streamlining are only part of the reason.
The slack economy is also taking a toll on the company.
"It's a combination of both," Morera said.
Until last year, TECO had seen about a 2.5 percent growth in its customer base. But since 2008, growth has been flat, he said.
Also, the company is expecting to see growth in coming years below the historical 2.5 percent level.
On Aug. 31, the company filed details of its retirement agreement with former Tampa Electric Co. President Charles R. Black with the SEC.
Black's retirement was effective Sept. 1. Under the agreement, he will receive a lump sum payment of 1.5 times his salary plus a target bonus along with other benefits. Black's base salary was approximately $368,460.
He was replaced by Gordon Gillette.
Reporter Neil Johnson can be reached at (813) 259-7731.
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