United Parcel Service, Inc. (NYSE: UPS ) will be laying off 160 workers at its Freight headquarters in Richmond, Virginia.
The job cuts will occur in two parts. The first will have 80 jobs being cut during the company's current quarter. The other 80 jobs will be cut over a time span of the next 12 months.
The UPS layoffs will have some of these support jobs at the Richmond headquarters being moved to the company's other locations. The company noted that it currently has 45 unfilled positions at the Richmond location. It will be allowing the employees affected by the job cuts to apply for these roles, reports WRIC.
"If all of these employees move into those different roles, the net impact in the next 12 months will be 115 positions, rather than the entire 160," Glenn Zaccara, UPS' director of corporate media relations, told NBC 12 .
When asked if the employees affected by the UPS layoffs would be getting severance packages, Zaccara told Richmond Times Dispatch that the company is currently working "to provide them appropriate transition services."
Zaccara also said that UPS will continue to use the Richmond facility as its Freight headquarters. The company didn't say which locations the cut jobs were being moved to.
UPS shares were largely unaffected by the layoff news as of Wednesday afternoon.
More From InvestorPlace:
- 7 Stocks to Sell or Short Into the Ground
- 7 of the Worst Stocks on Wall Street
- 7 Stocks the Smart Money Loves … Or Hates
The post United Parcel Service, Inc. (UPS) Layoffs to Hit 160 Workers in Richmond appeared first on InvestorPlace .