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GE to lay off 6'500 following Alstom acquisition
General Electric will initiate a restructuring plan as the company targets USD 3 billions in savings following its acquisition of Alstom SA’s energy business – layoffs will occur.
The company is planning to reduce its European workforce with around 6'500 employees – including 1'700 positions in Germany and 765 in France – as the company plans to trim its expenses after its biggest acquisition to date, according to a report in Bloomberg.
The company is expecting to generate about USD 1.1 billion in cost savings this year and about three times as much by the end of the decade.
The layoffs correspond to about 14% of the entire – European – workforce within the company's power division. GE promised to create 1'000 new positions in France in order to get the governments supports for the Alstom deal, the report concludes.
