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© aydindurdu dreamstime.com Business | December 07, 2017

GE Power to cut 12'000 jobs

GE Power plans to reduce its global headcount by approximately 12,000 positions, affecting both professional and production employees.
The plans are "driven by challenges in the power market worldwide", a press release states.

“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,” said Russell Stokes, president and CEO, GE Power. “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.

“At its core GE Power is a strong business,” Stokes continued. “We generate more than 30 percent of the world’s electricity and have equipped 90 percent of transmission utilities worldwide. Our backlog is $99 billion and we have a substantial global installed base. This plan will make us simpler and stronger so we can drive more value for our customers and investors.”

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December 04 2017 9:30 PM V8.9.2-2