When reporting its first quarter 2015 results on April 22, Weatherford International Plc (NYSE: WFT) said it would eliminate 10,000 jobs worldwide, instead of 8,000. The majority of the cuts would be made in North America, the company added.
The quarter ended March 31, and by that time, 6,449 jobs had been eliminated. Weatherford said more than $422 million was saved as a result. The 10,000 job eliminations will be completed by the end of the second quarter, the company said, adding that it expects to save $640 million.
Bernard J. Duroc-Danner, chairman of the board, president and CEO, said that the company’s goal to reduce headcount by 18% this year will leave 39,000 employees in the core businesses and 6,000 on the rigs.
Additionally, the company planned to shut seven manufacturing facilities during the year, and closed two in the first quarter. During the second quarter, four are planned to be shut, and the seventh will be shut at the end of the third quarter.
Switzerland-based Weatherford also said it plans to shut and consolidate 60 operating facilities across North America by year-end 2015.
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