By Joshua Kirby

Endesa SA said Tuesday that it has reached an agreement with labor unions on the voluntary suspension or termination of a maximum of around 1,200 employees between 2021 and 2024.

The Spanish utility company said the layoffs are part of its strategic plan, which includes process digitalization.

The execution of the collective agreement will entail a nonrecurring impact on income of around 390 million euros ($477.5 million), with no effect on shareholder remuneration for the 2020 financial year, the company said.

Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby

(END) Dow Jones Newswires

December 22, 2020 01:50 ET (06:50 GMT)

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