Tejon Ranch Co. laid off 11 employees Monday in what it said was a difficult but necessary response to less than favorable agricultural and commodity prices, including tepid prices for crude oil.
In an emailed response to questions from The Californian, the real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding approximately 30 miles south of Bakersfield, said it reduced its workforce across several divisions of the company.
The reduction of 11 positions, the release said, included both managerial and non-managerial employees. In light of the challenging economic climate Tejon is facing, the release said, “the reduction is necessary to size the company appropriately in order to engage in the execution of the company’s long-term business plan.”
The layoffs still leave approximately 150 employees at Tejon, a company spokesman told The Californian.
Affected employees were offered severance packages and outplacement services.
“This reduction is difficult for the Tejon family, and I am personally grateful for the years of service these employees provided to Tejon Ranch,” Gregory S. Bielli, Tejon’s president and chief executive officer, said in a statement. “These reductions are a necessary step to continue positioning the company for the effective execution of our business plan.
“I offer my personal gratitude and appreciation to each employee impacted by this decision for their commitment to Tejon Ranch.”