Vectren Division Sale Costs 120 Mining Jobs
EVANSVILLE, Ind. (AP) — Evansville-based Vectren Corp. says 120 southwestern Indiana coal miners will lose their jobs by month's end as the natural-gas utility completes the sale of its coal-mining subsidiary.
Vectren announced last month that it was selling its Vectren Fuels subsidiary to Terre Haute-based Sunrise Coal in a $296 million deal that includes two underground coal mines in the Knox County town of Oaktown, and one in the Pike County city of Petersburg.
The Evansville Courier & Press reports (http://bit.ly/1t2kdp8 ) Sunrise Coal has offered jobs to all but 120 of the mines' 670 workers.
Vectren says those miners have been released from their jobs so they can look for new work, but will remain on company payrolls through the end of August.
Vectren Fuels' sale is scheduled to close on Aug. 29.