DOVER — Liberty Mutual is affairs Liberty Activity Assurance Aggregation of Boston to Lincoln Financial Group for $3.3 billion, and the auction may affect those alive at the Dover campus.
On Friday morning, admiral in Dover were told the auction does not accommodate absolute acreage in the Garrison City, but there are about 1,000 advisers in the activity allowance assemblage locally.
Mayor Karen Weston said it is still not bright if anyone will be laid off as a aftereffect of the sale.
“A lot of bodies don’t let advisers apperceive they’re activity to be laid off because they appetite them to produce,” Weston said. “I feel absolutely bad for these folks.”
The advertisement comes aloof seven weeks afterwards Liberty Mutual appear it was restructuring and 620 advice technology jobs would be eliminated. The aggregation said afflicted advisers were offered added jobs or could be retrained.
Weston said at that time she was hopeful anybody afflicted by the changes could break with the allowance company, which has a ample attendance in the association of Dover.
Holly Fair, the administrator of Corporate Communications at Lincoln Financial Group in Radnor, Pa., emphasized Friday afternoon that the two businesses are assertive for advance as one operation and that they are committed to befitting advisers abreast about what is transpiring.
“In the advancing months arch up until the achievement of the acquisition, our focus will be to advance affiliation affairs for the two businesses. We are committed to accuracy with all advisers of both companies during this process,” Fair said.
Dennis Glass, admiral and CEO of Lincoln Financial Group, said in a account absolution Friday morning that Liberty has accomplished advisers who will be abutting their team.
“Liberty is a admired and high-quality carrier, one with accomplished Group Benefits advisers who will anon accompany our own absorbing aggregation in adjustment to drive alike greater account for all customers,” Glass said.
David Long, Liberty Mutual administrator and CEO, said the accretion positions anniversary aggregation to aggrandize on its amount strengths, advantage and bazaar presence.
“For Liberty, the transaction is an basic allotment of our all-embracing action to focus on our acreage and blow business,” Long said in a statement.
Liberty Mutual still offers barter auto, motorcycle, home, renters and address insurance.
According to a presentation created for Lincoln Financial Group investors, the auction was adjourned with $946 actor in cash, and the aggregation acquired $500 actor in new debt for a $1.446 billion absolute net investment.
The accretion is accepted to be completed in the additional division of this year, awaiting authoritative approvals and added accepted closing conditions.
Business Labor Dover
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