Baker Hughes mothballs Mineral Wells, Texas plant. 110 employees laid off to preserve profit, despite their record profit last year.
Houston-based Baker Hughes closed a North Texas plant and laid off 110 employees last Thursday as part of a larger headcount reduction plan.
The company told the Texas Workforce Commission that it will close its plant in Mineral Wells, Texas about 300 northwest of Houston.
The job cuts at the plant were carried out last week.
The lay offs affected 64 field operators, six field engineers, 12 repair and maintenance technicians and other staff members, Fuel Fix said.
The North Texas job cuts are part of a plan to cut 7,000 jobs during the first quarter in response to low oil prices and curbed drilling activity.
Last week, Baker Hughes told the Louisiana Workforce Commission that it would cut 60 jobs and shut down its plant in Houma, Louisiana.
“The company is making every effort to minimize workforce reductions, and therefore is making the difficult decision to close or consolidate facilities in certain areas,” a Baker Hughes spokesperson said.
Baker Hughes expects to take a one time charge of between $160 million to $185 million for the headcount reductions.
The company booked a record high adjusted fourth quarter net income of $629 million, or $1.44 per share, up from $248 million last year and a record annual revenue of $24.6 billion.