From Wyoming to Mongolia, giant Peabody finds its market and financial position totally unlike back in the good old times of 2006. A new reality has hit hard for even this global giant. Nes reports say it is laying off about 250 corporate office positions.
A few highlights are:
Peabody Energy is the largest private coal company in the world.
It announced Monday it is cutting 250 corporate positions…
The layoffs amount to roughly 25 percent of the St. Louis-based company’s corporate and regional support positions.
Roughly 20 employees will be laid off in Gillette, Wyoming where Peabody employs 50 people at its regional office.
“… today’s announcement represents another necessary step to drive the company lower on the cost curve,” said Peabody CEO Greg Kellow.
The company is headquartered in St. Louis It has global investments including in Australia, China, and In Mongolia to name a few locations.
As it loses coal business, so do the railroads that serve its mines and customers.