07.12.2017

General Electric to cut 1400 jobs in Switzerland

400General Electric announced plans on Thursday to ax around a third of its Swiss workforce as the industrial conglomerate responds to a sharp fall in demand for fossil fuel power equipment.

GE aims to cut up to 1,400 jobs in Switzerland where it employs 4,200 people, but said no locations would close. According to French newspaper Les Echos, General Electric will cut 4 500 jobs in Switzerland, Germany and the UK. The cuts are associated with businesses, which General Electric acquired from France’s Alstom two years ago.

A labor union source confirmed the layoff numbers to Reuters on Wednesday and said an official announcement was expected as early as Thursday.

GE did not confirm the numbers but said it was “reviewing its operations to ensure the business is best positioned to respond to our market realities and for long-term success.” The company had presented a proposal to the European body representing legacy Alstom employees, it added.
The review will allow it to make sure that the power equipment business is strategically positioned to react to changing market situations in a manner that will facilitate future success.

The job cuts are believed to be part of GE’s plan to integrate its power businesses with its energy connections. Nicholas Heymann, an analyst at William Blair stated that the move could be fueled by the company’s cost-cutting plans that will allow it to save $1 billion in 2018 and an extra $500 million in 2019.

“Renewables will not have any reductions because the world is rapidly shifting from fossil to renewables as the cost of temporarily storing power becomes more affordable at $100/Kw for power packs,” stated Heymann.






Events


Semptember 2015
  • 16
    Jan

    Jointly with renowned experts, SSF will debate key success factors for fruitful partnerships attract

  • 17
    Jan

    Learn about the latest Cryto Currency and Blockchain investment opportunities, the features that set

  • 18
    Jan

    At the upcoming conference you will get the opportunity to discuss Social Impact Bonds (SIB) and rel

  • 22
    Jan

    The climate transition creates opportunities and risks, and financial institutions and corporations

  • 30
    Jan

    Over 150 Fintechs CEOs from all over the world will be in both panels & interviews and on this stage

See All

newsletter

Updates and news from MarketPlus

Market Overview
0,00 %
0,00 %
0,00 %
0,00 %
0,00 %
0,00 %
0,00 %
0,00 %
Powered by Yahoo Finance