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June 19, 2024

WEX to lay off 375 employees worldwide, becoming latest Maine employer to downsize

WEX Inc. in Portland Photo / Renee Cordes WEX Inc. (NYSE: WEX), headquartered in Portland, will lay off 375 employees, or around 5.2% of its global workforce.

WEX Inc., a Portland-based financial technology provider, said it will lay off 375 employees — around 5.2% of its 7,200-person workforce — just as two other Maine employers begin their own downsizings.

“As the technology environment continues to change rapidly, it is imperative that WEX continues to evolve its business to support innovation and maintain its position as an industry leader,” a spokeswoman said in a statement emailed to Mainebiz, confirming a report in the Portland Press Herald.

She said the majority of the changes will affect the company’s technology division.

"These changes, while difficult, will help us focus our resources, promote agility and efficiency, and further position WEX for long-term success," the spokeswoman said.

It was not immediately clear if the jobs being eliminated include 70 planned layoffs reported by Mainebiz in April.

Fewer than 45 employees in Maine will be affected by the newly announced layoffs, according to a source.

Other employers 

WEX's announcement comes less than a week after Scottsdale, Ariz.-based ON Semiconductor Corp. (Nasdaq: ON) announced it is closing its South Portland office and laying off 53 Maine employees. Covetrus, a Portland-based animal health company with 5,700 employees worldwide, also recently said it will cut an unspecified number of workers as part of an organizational restructuring.

In April, WEX posted first-quarter earnings and revenues that fell short of market expectations, but the company raised its full-year financial outlook.

WEX is a financial technology services provider to businesses in the areas of fleet mobility and fueling, corporate payments, travel industry payments and employee and member benefits. The company is led by CEO Melissa Smith.

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