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Oklahoma City-based Kimray Inc. announces more layoffs

OKLAHOMA CITY (AP) — An Oklahoma City-based company that makes equipment used in oil- and gas-fields will lay off 120 employees by the end of the week.

The layoffs at Kimray Inc. announced Monday come after the company laid off 65 employees in March. Another 128 employees accepted voluntary buyouts in 2015.

The latest cuts will leave the company with about 350 employees.

Company officials say the continued slump in the energy industry is the reason for the layoffs.

Kimray CEO Thomas Hill III said in a news release that a workforce reduction is needed despite other steps taken during the past year to ensure the long-term future of the company.

The company said it will provide severance packages and benefits for affected employees and officer job placement and counseling services.

Related: US gains just 38K jobs, fewest in 5 years; rate at 4.7 pct..

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