Fort Wayne-based Triple Crown Services says it will cut nearly 200 workers as part of a major restructuring by parent company Norfolk Southern Corp. (NYSE: NSC). The companies expect the layoffs to begin in November.
Norfolk Southern says TCS will now focus on the transportation of automobile parts. The Fort Wayne company reports approximately $350 million in annual revenues.
The layoffs are expected to be complete by the end of the year. Norfolk Southern says affected employees will be eligible for severance pay, job placement assistance and opportunities to apply for other positions. The company says, after the layoffs, it will continue to employ more than 2,000 people in Indiana.
In a release from Norfolk Southern, President James Newton said, "We are proud of the accomplishments of Triple Crown and the service we have provided to our customers, and we are confident that TCS and Norfolk Southern will continue to provide the level of service our customers expect."
You can see the company’s notice to the state by clicking here.