GE announces 12,000 job cuts at GE Power

A third of the company’s Swiss workforce face layoffs, while 16 percent of its staff in Germany are also likely to be axed from the shake up.

GE said This specific had begun talks with labor leaders about the steps.

Demand for brand-new thermal power plants dramatically dropped in all rich countries, GE said, while traditional utility customers have reduced their investments due to market deterioration along with also also uncertainty about future climate policy measures.

Hardly any brand-new power station projects had been commissioned in Germany in recent years, GE said. Heightened Asian competition had also increased cost pressures.

Last month, General Electric CEO John Flannery outlined plans to reduce the manufacturing footprint of GE’s power business to respond to a sharp fall in demand for fossil fuel power equipment. GE had not specified how many jobs would certainly be cut or where.

GE rival Siemens will be cutting about 6,900 jobs, or close to 2 percent of its global workforce, mainly at its power along with also also gas division, which has been hit by the rapid growth of renewables.

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