October 16, 2019 / 11:50 AM / a month ago

Brazil's Eletrobras to spend up to $105 million by laying off third-party workers at Furnas: filing

FILE PHOTO: The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. REUTERS/Brendan McDermid

SAO PAULO (Reuters) - Brazilian state-run power firm Eletrobras said on Wednesday that laying off 1,041 third-party employees at its subsidiary Furnas Centrais Eletricas will cost up to 437 million reais ($104.59 million), under the terms of an agreement signed with public prosecutors and the workers union.

In a securities filing, the company added that the measure will generate cost savings of approximately 280 million reais per yer.

Reporting by Gabriela Mello, editing by Louise Heavens

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