Posted on 07/21/2015 10:43:26 AM PDT by thackney
Manufacturer TimkenSteel Material Services LLC told state officials Monday it would lay of 39 workers at a Houston plant.
The Canton, Ohio-based company, which manufactures steel bars and pipes, cited a “significant downturn in business” as the reason for the layoffs.
Manufacturers and oil patch suppliers have suffered alongside drillers as lower crude oil prices have led producers to idle rigs and trim orders for the manufactured goods that support drilling.
Timken has operations in the U.S., Mexico, Europe and China. In its 2014 annual report, the company indicated that its energy and distribution business segment accounted for about 43 percent of its total sales.
Timken indicated the Houston layoffs would be effective on Sep. 19 and would be permanent. The company did not immediately comment on the layoffs Monday.
The oil coming from Iran will probably mean more layoffs.
Aye. It be effective on yer “Talk Like a Pirate Day”.
I can assure you that TOUGH TIMES are hitting in the oil patch. OPEC is flexing its muscles, and showcasing Obama’s commitment to American weakness and energy DEPENDENCY.
Obama allows Iran to export oil, but still prevents the US from exporting oil.
Putting Americans first.
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