- 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.