GE expands job cuts at Lufkin oil unit to 575 from 330: Bloomberg

The move follows GE's notification to regulators in January of the planned layoffs of 330 people at its beam-pumping manufacturing facility in Lufkin, Texas. GE bought oilfield pump maker Lufkin Industries for about $3.31 billion in 2013, one of several significant deals the company has struck to boost its presence in oil and gas. The company had earlier warned that its oil and gas unit could see revenue and profit fall 5 percent in 2015, as customers of its equipment and services slash capital expenditure budgets.

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