GE Lufkin oilfield rigs sector cut 575 jobs

• United States GE its Lufkin oilfield rigs sectors plan to cut 575 jobs
  Reuters March 25-Bloomberg reports that United States GE (singular, GE) (GE. N) layoff plans to expand its Lufkin oilfield rigs arm to 575 people, in response to pressures caused by falling oil prices.
  GM reported in January after regulators, plans to cut 330 jobs in Lufkin, Texas oil pumping equipment production plant.
  GE oil and gas unit has about 44,000 employees in total.
  General to expand the oil and gas business for a number of major deals, including 2013 for $ 3.31 billion dollars to buy oil pumping equipment manufacturer Lufkin Industries.
  But crude oil prices fell sharply, so that investments in oil and gas under pressure.
  Company had previously warned that 5% decline in the oil and gas sector may 2015, revenue and profit, as customers cut back capital spending on equipment and services.
  As of Wednesday's close, GE's share price has fallen in the past 12 months, the cumulative 3%, trend less than standard and poor's 500-stock index rose 10.5% in the same period.