Check out the outlook section. Seven plants planned to close.
http://ir.weatherford.com/cs/Satellite?c=IR_NewsRelease_C&childpagename=WFT_InvestorRelations%2FIR_NewsRelease_C%2FNewsRelease%2FDetail&cid=1413870854203&d=Touch&pagename=IR_Wrapper
1 reply
ALLOW ME: Due to the rapidly changing market conditions, we will continue aligning and reducing our cost as well as organizational structures to match the new environment. We have now increased our 2015 reduction in force exercise to target 10,000 positions, in place of the previously announced 8,000, with the bulk of the increase coming in North America. By the end of the first quarter of 2015, 6,449 terminations had been completed resulting in expected annualized savings of over $422 million. We expect to complete the entire revised program of 10,000 terminations by the end of the second quarter generating expected annualized savings of $640 million. We had also planned to shut down seven of our manufacturing facilities during the year. Of these, two were closed in the first quarter with four more planned for the second quarter and the seventh being targeted for closure in the third quarter. Separately, we plan to shut down and consolidate 60 operating facilities across North America by the end of the year. The procurement savings initiative is on track. Over the next few quarters, we will continue to proactively review activity levels and rapidly adjust our direct and structural cost base as needed.