General Electric Cuts Workforce At Its Largest Renewable Business Unit: Report – General Electric (NYSE:GE)

  • In a bid to restructure and resize its onshore wind unit, General Electric Company GE is laying off employees in North America, Latin America, the Middle East, and Africa.
  • Onshore wind is the largest of GE’s renewable businesses, employing 38,000 people worldwide at the end of 2021.
  • The cuts are expected to affect 20% of the onshore wind unit’s workforce in the US, Reuters reported.
  • The company also plans to cut its onshore wind workforce later in Europe and the Asia Pacific amid weak demand, rising costs, and supply-chain delays.
  • The report quoted an emailed statement from a GE Renewables spokesperson that said, “These are difficult decisions…but are needed to ensure the business can compete and improve profitability over time.”
  • The report also mentioned that the troubled GE onshore wind unit is also affecting its overall renewable energy business performance.
  • In July, the company blamed its North American onshore wind business for two-thirds of its renewable revenue decline in Q2.
  • Price Action: GE shares closed lower by 0.15% at $67.44 on Wednesday.
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