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Dresser-Rand plans big job cuts, says not related to Siemens merger

Feb. 27, 2015 6:12 PM ETDresser-Rand Group Inc. (DRC) StockDRC, SIEGYBy: Carl Surran, SA News Editor
  • Dresser-Rand (NYSE:DRC) says it will cut 8% of its global workforce, or ~650 jobs, because of the weak oil price environment, "taking appropriate measures to continue its emphasis on operating earnings growth, even in what is expected to be a relatively stable year in sales in 2015."
  • DRC says the cutbacks are in response to ongoing market conditions and not in anticipation of its merger with Siemens (OTCPK:SIEGY).
  • In its Q4 earnings report, DRC says results were hurt by several events - including the cost of the merger transaction, the price of oil and the movement in several non-U.S. dollar based trade currencies - that it believes masks an otherwise a strong operating performance.

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