GE Oil & Gas to cut more jobs in East Texas
GE Oil & Gas is cutting more jobs in Lufkin, Texas, about 120 miles north of downtown Houston.
Florence, Italy-based GE Oil & Gas, which has its regional headquarters in Houston, acquired Lufkin Industries in 2013 for $3.3 billion. Lufkin, which had 4,500 employees at the time, provides oilfield equipment, power transmission products and foundry services.
In a letter to the Texas Workforce Commission, the company said it would cut approximately 149 of approximately 358 manufacturing, sales/services, human resources, sourcing, materials, finance, administrative, engineering and other employees. The cuts include 98 employees who were let go Feb. 12, and the rest were expected to be cut on March 26.
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While these jobs are being cut at the so-called Foundry facility at 300 Winston St. in Lufkin, the company said in February it planned to cut another 330 jobs at the so-called Buck Creek facility at 3935 FM 326 in Lufkin.
Lufkin’s Foundry employees have union representation and bumping, or transfer, rights pursuant to a collective bargaining agreement.
The affected Foundry employees will receive a lump sum severance payment and an additional amount to cover any employer-paid costs associated with continuing benefits or medical coverage.
GE Oil & Gas’ parent company, General Electric Co. (NYSE: GE), is based in Connecticut.