GPU subsidiaries to offer voluntary enhanced retirement plan.PARSIPPANY, N.J.--(BUSINESS WIRE)--April 4, 1996--As part of the ongoing restructuring at General Public Utilities Corporation (NYSE NYSE See: New York Stock Exchange : GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. ), officials at GPU's subsidiaries today announced their intention to offer a voluntary enhanced retirement program to more than 400 of their 4,850 non-bargaining employees in Pennsylvania and New Jersey. Employees of all GPU System companies, except the Energy Initiatives Group, will be eligible for the program. Details of the program, including eligibility requirements, will be announced to company employees shortly. Company officials plan to discuss a similar program with representatives of their 5,450 bargaining unit A bargaining unit in labor relations is a group of employees with a clear and identifiable community of interests who are (under U.S. law) represented by a single labor union in collective bargaining and other dealings with management. employees to achieve additional operating efficiencies. "The voluntary enhanced retirement program will help us to improve our effectiveness as we combine our New Jersey and Pennsylvania energy services and delivery businesses. It will also enable both GPU Generation and GPU Nuclear, our two generating subsidiaries, to move more quickly toward an increasingly competitive generation market," said James R. Leva, GPU chairman, president and chief executive officer. On March 19, Leva announced GPU's intent to consolidate its New Jersey business unit, Jersey Central Power & Light, with its Pennsylvania business unit, Metropolitan Edison/Pennsylvania Electric. Although the combined energy services and delivery business will be headquartered in Reading, Pa., Leva emphasized that GPU would maintain a significant presence in New Jersey. Leva noted that additional workforce reductions through attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: and severance programs would most likely be necessary, as the companies complete the consolidations under way. "We are continually looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to enhance our competitive edge in a changing electric utility marketplace," he said, adding that the consolidation effort would include a review of the functions performed by GPU Service Corporation. In 1994, the GPU companies offered a similar voluntary program to some 1,600 employees and 1,320, or 82 percent, accepted the offer. Since 1986, GPU's workforce has been reduced by nearly 4,000 employees, to 10,300 today. As with the 1994 program, Leva pointed out that there would be very limited "backfill back·fill n. Material used to refill an excavated area. tr.v. back·filled, back·fill·ing, back·fills To refill (an excavated area) with such material. " of positions vacated as a result of the new early retirement program. A registered utility holding company, GPU had 1995 operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $3.8 billion. Its three operating utility subsidiaries serve 1.9 million customers in Pennsylvania and New Jersey. GPU's Energy Initiatives Group develops, owns and operates generation, transmission and distribution facilities domestically and abroad. Other GPU subsidiaries are GPU Generation, which operates the System's fossil-fueled and hydroelectric stations; GPU Nuclear, operator of the System's nuclear power stations This is a list of major nuclear power plants in all countries in the world. This is an incomplete list. You can help Name of power station Installed capacity in MW Country Atucha I nuclear power plant 357 Argentina , and GPU Service, a service company. EDITOR'S NOTE Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : Read this news release and other information about GPU on GPU's World Wide Web site on the Internet: http://www.gpu.com CONTACT: General Public Utilities Corporation John T. Fidler, 201/263-6479 Home: 201/328-8494 |
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