Spanish civil engineering group Fomento de Construcciones y Contratas told its unions Friday that it planned to cut 1,267 jobs in its construction division, equivalent to 40 percent of the unit's payroll.
Those plans were announced six months after FCC laid off 842 employees in that same division.
For the first round of layoffs, FCC agreed with the unions on severance pay equal to 31 days of salary for every year of service - up to a maximum of 25 months' worth of wages.
The severance package, which featured a maximum per-worker payout of 150,000 euros ($202,000), also included payment of a 5,000-euro ($6,740) bonus.
Partial retirement plans were offered for workers who would be 61 years or older at the end of 2013.
FCC posted a 674.9-million-euro (some $909-million) loss for the first nine months of the year, compared with net income of 40.1 million euros for the same period of 2012, due mainly to heavy writedowns on Austrian construction company Alpine and its renewable energy business.
American multi-billionaire Bill Gates acquired a 6 percent stake in FCC to become its second largest shareholder, according to reports last month. EFE