General Electric Co to cut 12,000 jobs in its power division

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GE Slashes 12,000 Jobs In Troubled Global Power Business

- zerohedge.com:80
07 Dec 2017
A day after labor unions warned that General Electric was planning thousands of job cuts in its troubled power-generation unit, GE confirmed that it's planning to cut 12,000 jobs globally in its power business as the company's new leadership tries to revive the company's moribund stock price.

From the Trenches World ReportFrom the Trenches World Report

07 Dec 2017
Today, Reuters reported that GE is planning to slash 1,600 jobs from its power-generation business in Germany. The cuts will affect staff in Mannheim, Stuttgart, Berlin, Moenchengladbach and Kassel and will be confirmed after talks with labor representatives, GE said in a statement. Yesterday, Reuters reported that the company could cut as many as 4,500 jobs across Europe.
- fromthetrenchesworldreport.com

GE's power division plans to cut about 12,000 jobs globally

- wjhl.com
07 Dec 2017
FILE - This June 24, 2014, file photo, shows the General Electric logo at a plant in Belfort, France. On Thursday, Dec. 7, 2017, GE said it will cut 12,000 jobs in its power division as alternative energy supplants demand for coal and other fossil fuels. (AP Photo/Thibault Camus, File)

GE job cuts power division

07 Dec 2017
General Electric announced it is slashing 12,000 jobs to save $1 billion in its electrical power division, which helps produce about one-third of the electricity around the world. That an 18% cut for the division, per CNN . Reuters reports staff in Switzerland and Germany are badly hit by the changes.
- axios.com

General Electric to cut 12,000 jobs in power business revamp, to save 1 bn

- business-standard.com
07 Dec 2017
Jeff Immelt to retire from GE, John Flannery appointed new CEO Here comes General Electric's turnaround plan. It better be good GE's new CEO vows sweeping change after report General Electric to cut 4,500 jobs in Europe: Source General Electric cuts quarterly dividend by 50% ahead of expected overhaul

GE is cutting 12,000 jobs

07 Dec 2017
Competition from renewable energy is putting pressure on the traditional power business. GE said disruption in the industry has reduced the need for its products by 40%. Just last month, the German industrial conglomerate Siemens (SIEGY ) announced plans to cut 6,900 jobs , mostly in its power division.
- money.cnn.com

GE plans 12,000 job cuts in power unit no job impacts in Bangor yet Bangor

- bangordailynews.com
07 Dec 2017
The power unit expanded considerably with the $10 billion acquisition of Alstom's energy business in 2015 -- but the drawn-out deal has turned into a drag. Intended to broaden the product lineup with steam-turbine technology, the tie-up pushed GE Power's workforce to 65,000 at a time when the market was slowing.

GE Power to slash 12,000 jobs as part of restructuring

07 Dec 2017
"This decision was painful but necessary for GE Power to respond to the disruption in the power market, which is driving significantly lower volumes in products and services," Russell Stokes, GE Power president and CEO, said in the release. "Power will remain a work in progress in 2018. We expect market challenges to continue, but this plan will position us for 2019 and ...
- ajc.com

GE to Cut 12,000 Jobs in Its Power Business

- bloomberg.com
07 Dec 2017
"This decision was painful but necessary for GE Power to respond to the disruption in the power market," division chief Russell Stokes said in the statement. "Power will remain a work in progress in 2018. We expect market challenges to continue, but this plan will position us for 2019 and beyond."

GE's Power Division to Eliminate 12,000 Jobs After Misjudging Demand

07 Dec 2017
GE's Power unit has been a major source of pain for the struggling company as global demand has dropped in tandem with GE integrating its acquisition of Alstom SA's power business. The company has said it misjudged the market as volume dropped in traditional coal and gas-fired power, while renewable energy sources grew.
- wsj.com

GE's power division plans to cut about 12,000 jobs globally

- wspa.com
07 Dec 2017
In a news release about the global job cuts, GE President and CEO Russell Stokes said, "This decision was painful but necessary for GE Power to respond to the disruption in the power market, which is driving significantly lower volumes in products and services."

Struggling GE to cut 12,000 power jobs globally

07 Dec 2017
"GE's announcement that it wants to cut thousands of jobs in Europe serves no strategic purpose other than to maximize profits short-term for its shareholders," said Klaus Stein, director of IG Metall the metalworkers' union in Germany, where about 16 percent of GE's workforce will be eliminated.
- yahoo.com

GE plans to cut 12,000 jobs in power division

- thehill.com
07 Dec 2017
"The announcement by GE that it wants to cut thousands of jobs across Europe is neither strategically nor economically justifiable, and serves only to maximize short-term profit for shareholders," said Klaus Stein, a union representative at GE's plant in Mannheim, Germany, according to Reuters.

GE is cutting 12,000 jobs

07 Dec 2017
The company says the job cuts will mostly be outside the United States. The power division's headcount will be reduced about 18%. About 295,000 people worked for GE overall at the end of last year, but the company has cut jobs and costs throughout this year. It hopes to reduce costs by $1 billion next year.
- tristatehomepage.com
#GePower      #GeneralElectric      #KlausStein      #UnitedStates     
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