Houston manufacturer FMC Technologies Inc. to cut thousands of jobs


Houston manufacturer FMC Technologies Inc. to cut thousands of jobs

Thursday, Feb 12, 2015

As part of a widespread industry trend, Houston-based FMC Technologies Inc. will cut about 2,000 jobs, about 10 percent of its jobs companywide, according to Fuel Fix.

FMC Technologies has about 20,000 employees globally, nearly 7,000 of which are in the U.S.

FMC Technologies is the ninth-largest Houston-area manufacturing company with 2,563 full-time local employees, according to Houston Business Journal research.

FMC Technologies' earnings report, which was released Feb. 10, reveals that its fourth-quarter revenues were $2.2 billion, up 5 percent over last year. Its 2014 revenue was $7.9 billion with operating profits of $1.2 billion.

As of the morning of Feb. 11, the company's shares were trading at $39.78 a unit. Crude oil was $49.28 a barrel on the West Texas Intermediate benchmark.

Energy companies are making widespread job cuts to keep their budgets balanced and businesses operating during the harsh climate of the industry due to slumped oil.

On Feb. 10, Houston-based Halliburton announced in an HBJ exclusive that it would cut 5,000 to 6,500 companywide. The company announced job cuts previously, including Houston job cuts and at least 1,000 Eastern Hemisphere terminations.

Other oilfield services companies also are making widespread job cuts. Houston-based Schlumberger Ltd. is axing 9,000 jobs. Weatherford International PLC (NYSE: WFT) recently said it would cut 8,000 jobs by the end of June.

Baker Hughes is in the midst of eliminating at least 7,000 jobs.


Source : http://www.bizjournals.com/

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