ScottishPower integrates Manweb
ScottishPower has announced plans to integrate Manweb, which it acquired in late 1995, with a move toward a regional structure for the electricity distribution business–three regions covering Wales, Merseyside and the remainder of urban and rural territory in England. The Manweb head office in Chester will be closed sometime in 1996 as the company is seeking smaller offices in the area.
Between April 1 and Sept. 30, 1995, 1,065 employees left Manweb, attributed mainly to takeover bids. An additional 200 employees will leave the company by March 31, 1996.
ScottishPower announced another 350-job reduction by the end of March 1997, bringing Manweb`s manpower down to 2,800, a 37 percent reduction in little more than two years. ScottishPower plans to make the reductions on a voluntary basis when possible.
“The combination of ScottishPower and Manweb has created a major UK business with some 3 million customers,” said Ian Robinson, ScottishPower CEO. “The acquisition will be earnings enhancing in the 1996/97 financial year.”
Robinson announced plans to increase dividends for the 1995/96 fiscal year by 13.6 percent. He said the management`s aim is to continue growth of ScottishPower as a multi-utility company, operating in electricity, other utility and related markets.