FMC Technologies Inc. (NYSE: FTI) is planning further layoffs due to current challenging market conditions.
FMC has already cut about 15% of its employees in its North American land services unit, and, without a recovery in sight for 2016, the company plans to expand its headcount reductions over the next few quarters.
CFO Maryann Seaman expects that FMC will take $15 million to $20 million in further restructuring charges in the second half of 2015. In February, FMC revealed plans to cut approximately 2,000 employees. The company has not commented on how many employees may now be included in the revised headcount reduction.
FMC reported second-quarter revenue of $1.7 billion, down 15 percent from the prior-year quarter, due mostly to the continued decline in the North American land market and its impact on FMC’s surface technologies segment revenue.