Tags: Financial Markets | Money | dow | jet engines | light bulbs

GE to Lay Off 130 at Power Systems Plant, Research Unit

Image: GE to Lay Off 130 at Power Systems Plant, Research Unit
(Jonathan Weiss/Dreamstime)

By    |   Friday, 05 January 2018 01:39 PM

General Electric (GE) (NYSE), once one of the premier stocks of the Dow Jones Industrial Average, revealed more of the internal, financial struggles the company is experiencing; the same troubles which have, as of late, also been reflected in its share price.

According to the Times Union of Albany, New York, the once revered maker of consumer staples such as light bulbs and heavy-duty industrials like jet engines, announced it will lay off a total of 130 employees in New York state. 

The layoffs are expected to occur amongst hourly labor at the company's power systems plant in Schenectady, and at a research facility in Niskayuna. 

Specifically and directly impacted, according to the Times Union report, will be "maintenance staff and material handlers." 

The Friday layoff announcement follows news of approximately one month ago, that the company would seek to eliminate some 12,000 positions — globally. 

In addition to staffing reductions, GE has previously divested itself of operations deemed non-essential to its core business; an appreciably large "financial unit" is one exmaple.

GE's earnings and market share troubles came to the forefront, in a heightend sense in 2017, when Jeffrey Immelt resigned from his position as CEO earlier than previously anticipated

John Flannery was elected in the fall of 2017 to become the company's new CEO. 

One observer, Brian Langenberg, an industrial analyst with Langenburg & Co., told CNBC at the time, "I don't think they'll be any particular new vision."    

© 2018 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
Companies
In addition to staffing reductions, GE has previously divested itself of operations like deemd non-essential to its core business; an appreciably large "financial unit" is one example.
dow, jet engines, light bulbs
241
2018-39-05
Friday, 05 January 2018 01:39 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved