CEDAR RAPIDS, Iowa - Transamerica on Wednesday notified its employees that 60 associates will be let go in Cedar Rapids over the next six to nine months as part of 140 layoffs planned nationwide.
"Nobody today is losing their job," said Greg Tucker, senior vice president, Americas corporate communications for Transamerica. "It will be quite a lengthy period of transition.
"We established what's called the Enterprise Business Services last year as a division. We brought together a lot of the functions necessary to support our business in a shared-services model.
"Roughly 200 positions that are currently in our life-and-protection business will move to Enterprise Business Services. We will be eliminating 140 positions nationwide, including about 60 in Cedar Rapids."
Tucker said some of the work currently handled by Transamerica employees will be outsourced to contractors. He said the changes are designed to improve the insurer's competitiveness through operating efficiencies.
Tucker said Transamerica employs about 3,500 in Cedar Rapids. He noted that the company has added about 200 jobs in Cedar Rapids over the last year.
Transamerica is the former AEGON USA, which took the name of its Transamerica subsidiary acquired in 1999.