GE's power division plans to cut about 12,000 jobs globally - WDRB 41 Louisville News

GE's power division plans to cut about 12,000 jobs globally

Posted: Updated:

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 volume of the fuels that power them, decline.

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.

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.

Related:

Copyright 2017 by the Associated Press. All rights reserved.

  • Sign Up for WDRB's Sports Newsletter

    * denotes required fields

    Thank you for signing up! You will receive a confirmation email shortly.
Powered by Frankly
All content © Copyright 2000 - 2017 WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.