General Electric Co plans to cut 330 jobs in Texas in its oil and gas division, as it grapples with pressure on the unit from the drop in oil prices. The U.S. conglomerate notified Texas state regulators of the planned layoffs at its beam-pumping manufacturing facility in Lufkin, Texas, which amount to about 45 percent of the staff at the location. GE agreed to buy oilfield pump maker Lufkin Industries for about $3 billion in 2013, one of several significant deals the company has struck to boost its presence in oil and gas. "GE Oil & Gas has started restructuring projects to reduce the cost structure of the Lufkin business," GE spokeswoman Kristin Schwarz said in a statement.
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