By Associated Press - Tuesday, May 17, 2016

BRISTOL, Va. (AP) - Bristol Compressors says it plans to lay off about 120 employees as part of a restructuring plan.

Local media outlets report the company made the announcement Monday.

Bristol Compressors CEO Ed Gniewek said in a statement that the cutbacks are due to lower global oil prices and budget cuts by the oil producing governments.

Workers have been notified about the plan, which is expected to be completed by Friday.

Rick Nunley, executive director of human resources, says the plan affects both salaried and hourly workers. He says the company hopes it can rehire some workers later this year if sales improve.

The company, which manufactures air conditioning components, employs about 725 people at its facility in the Bristol-Washington County Industrial Park.

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