Kimray announces 10 percent reduction in workforce
OKLAHOMA CITY – An Oklahoma City oil and gas control equipment manufacturer announced Thursday that it is reducing its workforce by 10 percent.
Kimray, Inc. says 10 percent of its workers will be let go the first week of March in order to address the prolonged industry downturn.
“Like many businesses in the energy industry, we are having to make very difficult decisions,” said Kimray CEO, Thomas Hill III. “After much consideration, we decided this reduction is the right thing to do for the overall health of the company, but it doesn’t make it any less difficult. We care deeply about our people.”
Officials with Kimray say the reduction decision is related to a larger corporate restructuring aimed at stabilizing Kimray’s core manufacturing business.
The layoffs will primarily impact Kimray’s administrative and support staff, the company said in a press release.
“We are preparing appropriate severance packages and benefits for employees whose positions will end,” said Executive Vice President, Shad Glass. “We will offer job placement services and counseling to help with the transition.”
Last year, the company says it avoided cutting its workforce by freezing wages, offering a voluntary opt-out program, cutting departmental budgets, and reducing capital investments.
“Kimray has endured the ups and downs of oil and gas for 67 years. Our people are resilient, and we will work together through this difficult time in order to continue serving our customers and community for years to come,” Hill said.