Advertisement

GE's Power Division Plans to Cut About 12,000 Jobs Globally

General Electric Co. will cut 12,000 jobs in its power division as alternative energy supplants demand for coal and other fossil fuels. General Electric Co. will cut 12,000 jobs in its power division as alternative energy supplants demand for coal and other fossil fuels. |  Photo: GE

December 07, 2017 06:38 AM

BOSTON (AP) - General Electric Co. will cut 12,000 jobs in its power division as alternative energy supplants demand for coal and other fossil fuels.

Advertisement – Content Continues Below

The company said Thursday that the cuts to both office and production jobs, will help "right-size" GE Power, as traditional power markets, and volume of the fuels that power them, decline.

The company says reducing the number of positions will trim costs by $1 billion at GE Power in 2018.

Last month GE announced that it was slashing its dividend in half and that the conglomerate would narrow its focus to three key sectors - aviation, health care and energy. The company has said it will shed assets worth more than $20 billion in the next couple of years. It's been paring businesses for over a decade now.


WDIO

Copyright 2017 The Associated Press. All rights reserved.

Advertisement
Advertisement
Relay Media Amp

Protesters, Concerned About Riot Gear, Interrupt Duluth Council Meeting

Two More Virginia Residents Treated for Carbon Monoxide Poisoning

Protestors March Against Enbridge Line 3 Project

Two Men Rescued After Falling Through Ice on the Range

Duluth Asks for Feedback on Superior Street Lighting

Walker to Sign Bill Lifting Mining Moratorium

Advertisement