Layoffs have occurred at Tulsa-based Chart Industries Inc. and the drop in oil prices is being blamed by company officials.
As sales dropped from $339 million in 2014 to $187 million last year, the company took steps to trim its workforce.
Chart Industries CFO Ken Webster would not elaborate on the number of workers let go, according to the Tulsa World.
The company engineers, designs, and manufactures processes for air-cooled heat exchangers and process exchanges for the natural gas exploration and production industry.
“With the drop in oil prices, we’ve certainly seen an impact in order trends,” explained Webster. “As a result, we are seeing a major cost reduction initiative across the business.”
Chart companies has locations also in Wisconsin, Louisiana and Texas and all were affected by rounds of layoffs over the past year. Prior to the downturn in energy prices, Chart had more than $1 billion in sales in 2013 and expanded its operations in La Crosse, Wisconsin, opened a plant in China and acquired Thermax, Inc. in 2015.
Two months ago, the company announced that its wholly-owned Czech subsidiary Chart Ferox and EPC consortium partner, PPS Pipeline Systems Germany were chosen to provide an LNG reloading station at a port in Klaipeda, Lithuania. The project was worth an estimated 28 million euros or close to $30 million.
Read story in Tulsa World.
Tulsa World
