Howco Group buys Baker Oil Tools in Yorktown, keeps employees
May 7, 2010 at 12:07 a.m.
YORKTOWN - The news reached Baker Oil Tools workers on Friday: You've been let go.
But just for a little while.
Howco Group bought the oil field equipment manufacturing company's site and will transfer all current employees over, said Gary Flaharty, vice president of investor relations for Baker Hughes.
Baker Hughes is Baker Oil Tools' former parent company.
Employees were fired Friday morning and offered termination bonuses. On Monday, however, they can return to work for the Howco Group, Flaharty said.
Several months ago, Baker Hughes evaluated its profile worldwide and decided it was time to reduce capacity. That included the Yorktown site.
In November, it announced plans to close the facility but later re-evaluated those plans.
"I think the bottom line of the story is we've figured out a solution that enables us to keep folks in Yorktown employed," Flaharty said. "It also addresses capacity issues for Baker Hughes."
The company will still manufacture oil field tools, as well as products for Baker Hughes, under contract, Flaharty said.
He didn't have information regarding how many people the site employs.
"I think it's a pretty positive story for Yorktown," Flaharty said. "Especially in tough times."
No one answered multiple phone calls to the Yorktown office on Friday afternoon and attempts to reach Howco Group representatives were unsuccessful.