General Electric Co., has announced that it will be cutting 262 more jobs at its Lukin oil unit in Texas, as it struggles with the continued plunge in global oil prices, according to a report from Reuters.
The company will also be closing its foundry in Lufkin.
Reuters adds that the jobs to be eliminated would affect two sites in Angelina County, Texas.
One of those is the foundry and the Buck Creek facility.
Laura Bauer, a spokeswoman for GE Oil & Gas, told the Longview News-Journal that it wasn't easy to do this.
"This was a tough decision to make, but one we must make for the long-term health of the business," she said.
The Longview News-Journal added that Bob Brown, mayor of Lufkin City, expressed his disappointment about the decision.
"I'm heartsick for the displacement of people," he said. "When they come to you and oil is under $40, we don't have a leg to stand on."
The Longview News-Journal added that GE will be helping the employees who would be affected by the job cut.
GE would help the displaced employees to move to other GE facilities or other companies.
Reuters adds that GE has said it plans to cut $600 million in costs from its oil and gas division this year, due to the steep plunge in global crude prices.
The plunge in oil prices has affected GE's investments in oil and gas.
Longview News-Journal adds that GE has announced, earlier this year that the company will be slashing about 575 jobs in its Buck Creek facility.
The total number of job cuts is now more than 800.
Longview News-Journal added that the crash in oil prices, which began about a year ago, has seen the loss of thousands of jobs in the oil and gas industry.
Halliburton Co., Baker Hughes, Inc., Royal Dutch Shell, and Chevron Corp., has also slashed jobs recently.
