General Electric announces 12,000 layoffs worldwide

The industrial group General Electric today announced a cost reduction plan that includes the dismissal of 12,000 workers around the world with which it expects to save about 1,000 million dollars.

“The decision has been painful but necessary to respond to the disruption in the energy market that is generating significantly lower volumes of products and services,” the director of its subsidiary GE Power, Russell Stokes, said in a statement.

The dismissals are part of the vast restructuring plan that General Electric announced in November, with which it expects to focus on three sectors and which implies a 50% cut in its dividend and the reduction of seats on the board of directors.

The company expects these cuts to help strengthen the competitiveness of GE Power worldwide and predicts that 2018 will be a year of “challenges”, but confident that from 2019 will be “better positioned” for the future.

“Traditional energy markets, including gas and coal, have softened, and volumes are falling significantly (…) due to excess capacity and overall growth in renewables,” the company said.

General Electric, the industrial conglomerate created 125 years ago and covering multiple activities, with nearly 300,000 employees worldwide, wants to focus now on the aviation, energy and health sectors.

Shares of General Electric, one of thirty that are part of the Dow Jones Industrial Index, rose 1.42% today on the New York Stock Exchange (NYSE), where they have plummeted more than 43% since the start of the year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Republican DeSantis chooses Latina candidate for vice governor of Florida

The Republican candidate for governor of Florida, Ron DeSantis, announced today that he has chosen as a companion of ballot for vice governor the...

Pedro Capó faces with “calm” the worldwide success of his new single

 The Puerto Rican Pedro Capó faces with tranquility the worldwide success of his last song, "Calma", in collaboration with his compatriot Farruko, who already...

Alfa Romeo to market in the US The SUV Stelvio SUV in September

Alfa Romeo announced today that its first SUV, called Stelvio, will have a US $ 41,995 price for its most basic model when it...

MIT, Stanford and Harvard lead the list of best universities in the world

The Massachusetts Institute of Technology (MIT) continues to lead the world's top universities, followed by Stanford (California) and Harvard, according to the new global...

Bill Gates invests 50 million dollars in the fight against Alzheimer’s

Microsoft co-founder Bill Gates today announced his intention to join the fight against Alzheimer's, which is why he has invested 50 million dollars in...