Premcor Cuts Staff

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Premcor Cuts Staff

09/17/2002
OLD GREENWICH, Conn. -- Premcor Inc., an independent refining company that went public under the auspices of former Tosco head Thomas O'Malley, said it would be forced to lay off 130 workers as a result of weak margins. The cuts will take place at Premcor plants in Ohio and Texas, as well as offices in St. Louis.

Looking to shave costs amid a stifling economy, Premcor said earlier this year announced plans to lay off one-fifth of the 650 non-union jobs at refineries in Port Arthur, Texas, and Lima, Ohio earlier this year.

In addition, the company is shuttering its St. Louis administrative office, resulting in a third-quarter charge of $10 million. The cuts will take effect in October, saving the company approximately $15 million.

ABOVE: Premcor's Port Arthur refinery in Texas.