June 21, 2017 / 9:33 PM / a year ago

Cost cuts could save Brazil's Eletrobras $750 mln a year, CEO says

SAO PAULO, June 21 (Reuters) - Cost-cutting could generate annual savings of 2.5 billion reais ($750 million) at Brazil’s state-controlled power holding company Centrais Elétricas Brasileiras SA, underscoring the potential impact of a planned turnaround, Chief Executive Officer Wilson Ferreira Jr said on Wednesday.

At an event in São Paulo, Ferreira said headcount could fall by 50 percent by the time the plan is fully implemented. The turnaround of the company known as Eletrobras envisages asset divestitures too, Ferreira Jr said, noting that it should “open ample room for cost-cutting.”

$1 = 3.3347 reais Reporting by Luciano Costa; Writing by Marcelo Teixeira and Guillermo Parra-Bernal; Editing by Lisa Shumaker

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