Oilfield equipment manufacturer Kimray Inc. is making layoffs in the wake of the energy downturn that has seen the state lose thousands of workers in the oil and gas patch.
Kimray says it will cut its workforce by 10 percent beginning the first week of March. The company had more than 700 workers in September of 2015. Then it started offering voluntary buyouts to cut costs during the downturn.
“Like many businesses in the energy industry, we are having to make very difficult decisions,” said Thomas Hill III, Kimray’s CEO. “After much consideration, we decided this reduction is the right thing to do for the overall health of the company, but it doesn’t make it any less difficult. We care deeply about our people.”
He explained most of the reduction in workers will involve administrative and support staff.
“Kimray has endured the ups and downs of oil and gas for 67 years,” added Hill. “Our people are resilient and we will work together through this difficult time in order to continue serving our customers and community for years to come.”
“We are preparing appropriate severance packages and benefits for employees whose positions will end,” added Shad Glass, Executive Vice President. “We will offer job placement services and counseling to help with the transition.”
Early buyouts weren’t the only steps taken by the company to avoid layoffs. Over the past several months, Kimray also froze wages and delayed plans for a new headquarters building.
