(WYTV) – Vallourec announced Monday that the manufacturing company is reducing its workforce after a recent drop in activity by oil and gas customers.
Company officials said the reduction will impact 900 jobs, which makes up over one-third of the company’s workforce in North America.
Officials said the layoffs will impact all of their facilities and support functions in North America, but they did not give exact numbers for the local plant in Youngstown.
“The world and the Oil and Gas Industry are living through extraordinary times, particularly in the U.S. The decisions announced today are necessary in a quickly deteriorating environment, but preserve our ability to serve our community efficiently. After reviewing possible alternatives, they were not made lightly and I, together with Vallourec Executive Committee will ensure they will be implemented in the full respect of Vallourec values,” said Edouard Guinotte, chairmen of the management board.
The layoffs are expected to happen within the upcoming weeks.