November 12, 2019 / 9:01 PM / 25 days ago

UPDATE 1-Brazil's Eletrobras to reduce staff after privatization -CEO

(Adds details, PIX available)

RIO DE JANEIRO, Nov 12 (Reuters) - Brazil state-run utility firm Centrais Eletricas Brasileiras SA plans to increase investments and reduce its staff to 10,000 employees, from 13,700, as part of its proposed privatization, its chief executive said on Tuesday.

CEO Wilson Ferreira Jr. said the company, Latin America’s largest power company commonly known as Eletrobras, is expected to reduce staff numbers to 12,000 by May, out of which 2,000 will then be allocated to the state-run operation comprised of Itaipu and Eletronuclear.

On Nov. 5, Brazil’s President Jair Bolsonaro signed a bill to end state control over Eletrobras, one of his biggest privatizations yet.

Ferreira Jr. said the power company plans to invest between 3 billion and 4 billion reais in 2020, up from 2.5 billion reais in 2019.

$1 = 4.1637 reais Reporting by Rodrigo Viga Gaier; Writing by Gabriela Mello Editing by Sandra Maler and Nick Zieminski

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