TMM HALVES HEADQUARTERS STAFF
Transportacion Maritima Mexicana reported that it has halved the number of
staffers at its Mexico City headquarters as part of a reorganization of the company.
TMM recently transferred its liner shipping operations to the new
Americana Ships joint venture with CP Ships. Many of TMM’s top liner executives are
transferring to Tampa, where Americana will be based.
TMM said that it has reorganized its operations to reduce costs and create
a more efficient management structure. The reorganization will produce pre-tax savings of
about $15 million a year, but TMM will take a one-time restructuring charge of $1.5
million in its first-quarter 1999 results.