General Electric will reportedly cut hundreds of jobs at some of its service facilities in Texas.
According to Fuel Fix, the company has already begun cutting a total of 362 jobs from three facilities in Lufkin, Texas and expects to finish the cuts sometime in August.
A GE spokesperson told Fuel Fix that the cuts are in response to prolonged low oil prices.
The facilities were acquired by GE when it bought Lufkin Industries for about $3.3 billion in 2013.
Lufkin Industries is a leading provider of artificial lift technologies for the oil and gas industry and a manufacturer of industrial gears based in Lufkin, Texas.
The three impacted facilities include a gear repair plant, a power transmission site and a manufacturing facility.
Earlier this month, GE signed a Memorandum of Understanding (MoU) with Italy’s Cividale SpA to build a high-end forging and casting manufacturing facility in Saudi Arabia that will serve the region’s maritime and energy industries.
The joint investment is valued at over $400 million and is expected to be operational in 2020.
The MoU follows a preliminary partnership between Saudi Aramco and Cividale to conduct feasibility studies for forging and casting manufacturing services in Saudi Arabia.