Lufkin Industries Layoffs

Lufkin Industries, Inc. laid off 53 employees in it Oilfield Division, according to the company's Vice President, Paul Perez.

Perez told KTRE that this is actually a "quiet period" for the company at this time so he could not disclose much information about the layoffs. He did state the layoffs are part of an effort to downsize and cutback based on the oil field business.

Perez also mention that it is part of the company's policy to assist employees when layoffs happen.

No other units in the company have reported layoffs.

Today, Lufkin Industries made the announcement fourth quarter and year-end 2008 earnings will be released on February 12th. At that time the company plans to release more information in reference to layoffs.

Lufkin Industries, Inc. sells and services oilfield pumping units, foundry castings and power transmission products throughout the world.