General Electric Co. plans to cut 12,000 jobs in its power business as the company’s new leaders look to slash costs and stabilize the beleaguered manufacturer.
The reductions, accounting for about 18 percent of GE Power’s workforce, include both professional and production employees, the company said Thursday in a statement. The world’s largest maker of gas turbines said the unit needs to become leaner as customers turn away from fossil fuel-based energy sources.
Demand is flagging for GE’s power-generation equipment because of overcapacity, lower utilization, fewer outages and the growth in renewable energy, said Stifel Financial Corp. analyst Robert McCarthy.
From the Global Geothermal News archives:
- Thursday, June 1, 2017 - USA: General Electric Set to Takeover Baker Hughes
- Monday, November 21, 2016 - USA: Enel Green Power North America and GE Energy to form Joint Partnership to Develop Renewable Energy
- Thursday, June 9, 2016 - Italy: GE Oil & Gas to Help Build Organic Rankine Cycle Geothermal Plant in Tuscany