Just announced, 50% reduction in workforce for 90 days and 10% permanent.
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Plant closures announcements coming in September guess I will prepare for another round of Russian roulette.
Contractors are being dismissed. Lump sums offered to 60 and older to retire. Layoffs coming soon to a site near you.
Fasten your seatbelts and observe the "no smoking" sign. Turbulence ahead.
https://www.wsj.com/articles/ge-to-cut-aviation-workforce-as-coronavirus-grounds-airliners-11584972724
I also hear that they have or will pay bonus payments to SPB+ !?! How do they justify that when people are losing their jobs - that doesn’t appear to be a level playing field or all in it together.
Appreciate the share. With the recent steep decline in air travel and into the foreseeable future, this was inevitable. Also, with the debacle of Boeing's 737 Max delays, GE's aviation unit also suffers. GE has a 50/50 partnership with Safran Aircraft Engines to produce the LEAP-1B engine.
Like so many other companies, GE must reduce costs as demand for its products declines.
Hopefully GE Healthcare will increase production of ventilators quickly and maybe shift workforce from one declining product line to another(?) IMO there would be challenges with that pivot, but it's not insurmountable.