GE cuts 12K power jobs as demand, renewables, skew market
BOSTON (AP) — 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 the volume of the fuels that power them, decline.
The job cuts will mostly be outside the U.S. and will comprise approximately 18 percent of the power unit's workforce. GE would not say where workers would be effected, but the power distribution network in Europe has seen significant disruption as demand there wanes.