A company has announced plans to close a historic foundry located downtown in the East Texas city of Lufkin and further reduce positions at a facility south of the town.
The Lufkin News reports that officials with General Electric/Lufkin Industries announced the plans Monday, citing increasingly challenging market conditions.
Laura Bauer, a GE Oil and Gas spokeswoman, said 262 positions will be eliminated across the foundry and the Buck Creek facility.
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Monday's announcement puts an end to speculation about the foundry's future since GE purchased Lufkin Industries in a $3.3 billion deal in 2013. The Lufkin foundry originally began operating in 1902.
Company officials had said earlier this year that market conditions could result in the closure of the downtown Lufkin foundry.