Union Pacific To Lay Off 475 Employees

(RTTNews) - Union Pacific Corp. (UNP) Tuesday said it will lay off 475 employees before the end of the year.

The job cuts would be the first of several rounds of job cuts as the railroad implements a new operating plan to drive efficiencies.

"This is the first of what likely will be additional workforce reduction initiatives through 2020."

"Workforce reductions are extremely difficult decisions to make because we recognize the impact they have on families, friends and co-workers," Chairman Lance Fritz said in a memo.

"We are taking steps today to ensure Union Pacific remains a strong, competitive and vibrant company. These steps are part of reducing our general and administrative support structure by roughly 30 percent by 2020. We also will need to drive efficiencies in all other parts of the railroad."

Omaha-based Union Pacific employs 42,000 people and operates 8,500 locomotives over 32,000 route-miles in 23 states.