BRISTOL, VA (WJHL) – Bristol Compressors announced Monday that it will soon undergo restructuring, which will impact the jobs of more than 100 employees.
Bristol Compressors CEO Ed Gniewek said external factors such as depressed global oil prices and corresponding budget cuts by oil producing governments has lead to the restructuring.
“We anticipate this is a temporary softening in the Middle East market and it will return, but for now adjustments must be made,” Gniewek said.
According to Executive Director of Human Resources Rick Nunley said the restructuring will be complete by May 20 and will impact around 120 hourly and salary employees.
Nunley said in the release that all active company employees have been notified of the restructuring plan.
“The weakening is disappointing … however the workforce is trained and ready for growth when the market returns,” Nunley said.
According to the release, Bristol Compressors is working with Virginia Employment Commission to address the needs of employees who will be affected by the restructuring.Copyright 2016 WJHL. All rights reserved.