Transamerica Cutting More Jobs In Eastern Iowa
One of the largest employers in Cedar Rapids has announced another round of layoffs that will take effect this August.
The Cedar Rapids Gazette reports that Transamerica is set to eliminate some 40 positions. The insurance and investment services company filed a WARN with Iowa Workforce Development. A WARN, or Worker Adjustment and Retraining Notification Act, is required by Iowa law. It is required to be filed 60 days prior to a plant closing or mass layoff. The Gazette reports that this round of layoffs at Transamerica will be final as of August 15th.
According to the Gazette, the company began cutting back the numbers of its Cedar Rapids workforce in 2018 when it outsourced part of its business to India-based Tata Consultancy Service. During that move, it shifted 882 jobs to Tata. Then in November of 2020, Transamerica cut 53 more jobs in Cedar Rapids. The Gazette reached out but did not get a comment from Transamerica on the WARN or just how many employees the company still has in Cedar Rapids.
The company has also been unable to find a buyer for its former site at Edgewood Road and 42nd street. The Gazette reports that the site has been placed on a 2-day auction beginning today. The starting bid for those interested is $1.75 million.