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FMC Axes 1,000 Jobs, Prepares for Merger

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The Houston-based energy equipment manufacturer, FMC Technologies, has slashed 1,000 jobs from its workforce as it preps to merge with Technip, a French firm.


Due to dropping revenue in U.S. shale production, FMC’s profit during the second quarter sank to $2.2 million, or 1 cent for each share. This number is a major dip from the $108 million amassed during the same period in 2015.


The company’s revenues dropped 32 percent from $1.7 billion in 2015’s second quarter down to $1.15 billion in 2016. FMC’s “surface,” onshore business recorded a $22 million loss. The subsea business posted a $97 million profit.


http://houstonenergyinsider.com/?p=5900


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