Exterran Corp. Lays Off 241 Workers in Texas
Exterran Corporation, an oil and gas products service company with headquarters in Houston, will idle its production equipment manufacturing facility in Alleyton, TX, according to data from the Texas Workforce Commission.
The closing of the manufacturing/fabrication facility will result in the layoff of 241 employees. The first round of layoffs have already occurred, and the remaining terminations will be completed by June 30. Employees do not having bumping rights.
Exterran has global operations and employs approximately 7,000 people, according to the company’s website. According to a company earnings report, Exterran had revenue of $418.1 million in 4Q 2015, down from $437.2 million in 3Q 2015 and $611.2 million in 4Q 2014.
In the report, Exterran president and CEO Andrew Way said market conditions continue to be very challenging due to low commodity prices and industry activity levels.
“We continue to feel the impact of further deterioration of industry fundamentals and our revenues are expected to be under pressure throughout 2016 across all of our business segments,” Way said in the report. “In this environment, we will continue to focus what we can control, including resetting our cost structure in line with changing demand and generating free cash flow through efficient execution and working capital reductions.”
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