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Message: <blockquote data-quote="dennishoddy" data-source="post: 4352988" data-attributes="member: 5412">Company sales to a larger company never work out to the advantage of the staff. Wife worked at Smith Tool in Ponca as an accountant for 46 years. The company built 3 cone rock bits for the oil and mining industry. Top bit in the industry. Average employee had over 20 years' service. Management sold it to Schlumberger for a huge personal profit. For whatever reason, Schlumberger decided to move the business to Houston. They paid some employees well to go to Houston and train the new employees. After two years of training, they left. Not one single workable bit had been produced after they left with cost cutting, and the company folded. Ponca put out over 300 bits a month for an average and was profitable with a workforce that was family. 300 +/- employees knew your wife's name, your kids and so on. Company events like BBQ's etc were heavily attended. It's sad to see how a successful company with great employees can take down a company like that which was incredibly profitable, yet wages were high. Schlumberger thought getting lower paid employees would make a few more sheckles for corporate. Bad decision.</blockquote>