Thread regarding Exterran Holdings Inc. layoffs

From: WKOW's TV site: Exterran Holdings Inc

From: WKOW's TV site: Exterran Holdings Inc. has informed the Texas Workforce Commission that it will lay off 274 employees, or 3 percent of its work force, from four of its facilities - two of which the company plans to close.

In a letter to the TWC, the Houston natural gas compression company wrote that its Exterran Energy Solutions LP unit would close its Schulenburg and Columbus, Texas, manufacturing facilities and, as a result, lay off 73 employees.

In Houston, the company will lay off 79 employees from its Brittmoore facility and 122 employees from its North Houston Rosslyn facility.

"Regrettably, the layoffs will be permanent," Chris Michel, senior vice president of global human resources, wrote in the letter to the TWC. "The layoffs have been necessitated by the current market slowdown and the consequent negative impact on the demand for Exterran's products and services."

Earlier this month, Exterran reported a net loss of $530.8 million, or $8.66 per share, for the second-quarter ended June 30, 2009. That compared with a net loss of $59.4 million, or 97 cents per share, for the same quarter in 2008.

Results included a $343.3 million charge related to the company's surrender of its wholly-owned assets and operations in Venezuela.

In the earnings statement, Ernie Danner, president and chief executive officer, said that the company had already reduced its operating and general and administrative costs to help offset the charge as well as low natural gas prices and compression equipment surpluses in North America.

The layoffs began Aug. 20, and Exterran (NYSE: EXH) expects to wind down the Schulenburg and Columbus facilities by the end of the year.

Exterran has 10,000 employees located in more than 30 countries.

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