Newspaper article THE JOURNAL RECORD

Kimray Lays off 10 Percent of Workers

Newspaper article THE JOURNAL RECORD

Kimray Lays off 10 Percent of Workers

Article excerpt

OKLAHOMA CITY (JR) - Kimray Inc. announced Thursday it will lay off about 10 percent of its 650 workers. The cutbacks will affect administrative and support staff and will be effective the first week of March, according to a press release.

The decision was difficult but was a direct result of prolonged low commodity prices, CEO Thomas Hill III wrote in a prepared statement. The company refused interview requests through its external public relations firm.

Kimray, an oil and gas well valve manufacturer, plans to restructure its business, according to the press release.

In September the company offered buyout packages to all 778 employees, and 128 employees accepted the offer, said Larisha Hunter, Candor PR spokeswoman for Kimray.

It froze wages, cut departmental budgets and reduced investments as demand for its product declined. …

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