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

The logo for General Electric appears above a trading post on the floor of the New York Stock Exchange Photo: AP/ File
The logo for General Electric appears above a trading post on the floor of the New York Stock Exchange

December 07, 2017 06:22 AM

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

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.

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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.

RELATED: GE Cuts Dividend in Half, Releases Cautious Outlook

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.

Credits

The Associated Press

(Copyright 2017 by The Associated Press. All Rights Reserved.)

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