Kimray, Inc., an Oklahoma City-based oil and gas control equipment manufacturer, announced on Monday it will eliminate about 120 positions by the end of this week.
The company announced it will reduce its workforce due to the prolonged industry downturn. This is the second such reduction this year. But in March, Kimray cut its workforce by 10 percent. This was after offering buyouts to all 700 Oklahoma City employees in September, 2015.
“Like many businesses in the energy industry, we have to make very difficult decisions,” said Kimray CEO, Thomas Hill III. “Over the last year, we have taken many steps to ensure the long-term future of the company and we once again need to reduce our workforce.”
The company plans to eliminate approximately 120 positions, and expects to complete the process by end-of-week. Approximately 118 of those employees are located in or report to the Oklahoma City location.
“We are preparing appropriate severance packages and benefits for employees whose positions will end,” said Executive Vice President, Shad Glass. “In addition, we will offer job placement services and counseling to help with the transition.”