One of Cedar Rapids' largest employers is reducing its workforce.

Transamerica, which employed 3,000 people in Cedar Rapids as of August, is cutting 120 jobs in the city. That represents 15 percent of a reduction of around 800 employees across the company, according to CBS 2. The affected employees will be offered separation packages by Transamerica as well as help locating other jobs.

In August, Transamerica announced plans to move 1,300 workers from their offices at 4333 Edgewood Road NE to a building they own on C Street SW, currently being used by Hibu. Hibu still has five to six months before they are required to leave the building and the Transamerica employees will move.

Greg Tucker, senior vice president of Transamerica, told The Gazette this summer the company plans to sell their five-story building on Edgewood Road, along with a building at 4600 42nd St. NE. Tucker said the move is, "... part of a corporate reorganization to reduce costs and improve efficiency."

[via CBS 2 and The Gazette]