Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

General Electric Co. unveils plans to cut 12,000 jobs globally in its power business

Thursday, December 7, 2017 6:01
% of readers think this story is Fact. Add your two cents.

Headline: Bitcoin & Blockchain Searches Exceed Trump! Blockchain Stocks Are Next!

General Electric Co.(NYSE:GE) edged higher in pre-market trading after the industrial conglomerate announced plans to cut 12,000 jobs globally in its power business.

The NYSE listed giant said the jobs cuts are part of its plan to reduce costs in the Power division by US$3.5bn in 2017 and 2018.

GE added that the cost cutting plans are driven by “challenges in the power market worldwide”, as traditional power markets, including gas and coal, have softened.

GE Power’s chief executive 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.”

He added: “We expect market challenges to continue, but this plan will position us for 2019 and beyond.”

In pre-market New York trading, GE shares were 0.2% higher at US$17.70.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/188448/general-electric-co-unveils-plans-to-cut-12000-jobs-globally-in-its-power-business-188448.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.