Raney Geotechnics Inc., a U.S.-based company that develops and manufactures seismic equipment, said on Monday that it was slashing more than 5,000 jobs from its Seattle-based headquarters, cutting its workforce by about half.
The layoffs come as China’s economy slows and many of its factories are closing.
Raney, a unit of GE Capital Corp., has been working to revive the struggling industry.
It had previously announced it was cutting its Seattle headquarters in August to cut costs.
The company’s CEO, Scott Cairns, has called on his employees to keep going in the face of the downturn, and on Friday, he urged the company’s shareholders to keep its headquarters open.
The company’s board of directors said in a statement that it planned to make a “material decision” on Monday on the timing of a new capital investment, according to a Reuters report.
The announcement was the latest sign that GE Capital has been slow to capitalise on the rebound in China.
“The Chinese market is in its worst economic environment in a long time, and many investors are hesitant to do business with companies that are not on a firm footing, but we remain optimistic,” the company said in the statement.
In January, Raney also said it would lay off about 20 percent of its Seattle workforce as part of its efforts to rebuild the Seattle-area economy.
The company has faced several setbacks in the past few years.
In 2016, it had to close a factory in Taiwan because of a safety breach that left a worker seriously injured.
In 2015, the company reported a loss of $1.6 billion on its first-quarter earnings.
As China’s economic growth slows, companies have been forced to close factories, cut wages and cut back on spending, leading to lower sales.