GE Aerospace (GE)

[Timothy Smith]

GE says it plans to close a historic foundry and cut more than 250 jobs at its unit in Lufkin, Tex., as it attempts to cope with the drop in demand for drilling equipment in the wake of plunging oil prices.

The two facilities were part of Lufkin Industries, a maker of oil pumping and drilling equipment that GE bought for $3.3B in 2013; Lufkin has been hit hard by the decline in demand for drilling equipment, as orders for its products dropped 40% during Q2.