Thread regarding General Electric Co. layoffs

This is the real GE people…

General Electric has tried everything, except investing in American workers
General Electric recently announced that the conglomerate will divide itself into three separate companies in the course of the next three years. CEO Larry Culp stated that “each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees.”
That’s highly questionable.
Unfortunately, Culp has always been focused primarily on managing investor expectations, including for the predatory hedge fund run by billionaire Nelson Peltz, Trian, which has had an excessive influence on the strategic direction of the company since 2015, despite holding a minority of the stock.
Trian has stated that they “enthusiastically support” GE’s so-called transformation, and Peltz himself has described CEO Culp as a “star” who “knows how to run a business.” But it seems like Culp and Trian Partners may just be looking for the next big payday for themselves, and not looking out for the future of American manufacturing or GE’s long-term interest. They are certainly not looking out for their employees and the communities that depend on GE jobs: Culp and Trian will likely be long gone before the destructive effects of their proposed restructuring are fully felt.
As the largest representative of GE workers in the United States, we’ve seen this before.
In 1989, GE employed 277,000 workers in the U.S. In 2019, that number was only 70,000. Years of offshoring jobs and abandoning workers and communities have left GE’s domestic manufacturing footprint a shell of what it once was.
With its decision to split, GE stands at a crossroads. Does the 129-year-old institution want to continue its 40-year track record of disinvesting, de-unionizing, and offshoring its U.S. manufacturing operations? Will GE continue putting our planet and national security at risk or will it choose to be part of a historic rebuilding of America?
GE Renewable Energy launched with a federal grant in Schenectady, N.Y., in 2011, but it is now headquartered overseas. Revenue from GE’s renewable energy products was up 34% in 2020, yet jobs are being moved to China, Poland, and Germany. GE power generation and renewables work has also been moved to India and Vietnam. We have watched in frustration as GE shipped product lines and jobs overseas, despite good faith efforts by the union to work with the company to ensure a profitable future in the new green economy.
GE remains one of the largest defense contractors in the world. Last year, the company received over $4 billion in defense revenue from the U.S. government, dollars not invested in U.S. workers, communities, or facilities. It received $20 million from the Pentagon in 2020 as part of a program to aid military contractors who lost business due to the COVID-19 pandemic. GE Aviation got $75 million through the federal CARES Act in June 2020. In January, the company won a $20 million grant from the federal Department of Defense to develop high-tech wind turbine generators.
As a recent report from the University of Massachusetts, Boston, and Cornell University documents, GE has benefited mightily from taxpayer bailouts and government contracts, yet it has continued to move jobs, shutter plants, break promises to retirees, downsize domestic manufacturing, and implement other cuts that have irreparably harmed American workers. The company has slashed its U.S. workforce by 47% in just the past three years.
In Lynn, Mass., where skilled machinists and techs build components and engines for the U.S. military, there were once nearly 13,000 unionized hourly workers. Today there are merely 1,200. In Schenectady, where Edison founded GE in 1892, there are fewer than 800 unionized workers, down from a high of 30,000, as product lines have been sent overseas or outsourced to nonunion shops. A GE plant in Salem, Va., that once employed 3,000 skilled workers, was whittled down to just 260 until it was closed altogether in 2019, devastating this once-thriving community.
Rather than innovate and invest here in America, GE and its suppliers have closed plants in recent years in Virginia, Ohio, Georgia, Arkansas, South Dakota, and Texas, decimating blue-collar communities and leaving loyal employees scrambling for survival.
GE’s business model has become over-reliant on offshoring, making supply chains more fragile for products that are critical for our country’s power supply and defense. If GE wants to help build America back better and maximize revenue from the clean energy bo-m, the company must modernize and reinvest in its historic domestic manufacturing sites.
Whether GE ultimately continues as one company or three, it needs to stop offshoring. Anything less is a betrayal of workers and will deal a ruinous blow to communities that are fighting harder than ever to survive.
Chris Shelton is president of the Communications Workers of America.
More must-read commentary published by Fortune:
Prosperity will be “made in America” as supply chains buckle
Extreme events are forcing corporations to think like insurers
To deliver the infrastructure bo-m, construction giants must open their doors to startups

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Post ID: @OP+1erQGhj7

13 replies (most recent on top)

They took our jobs!!!!!! I dont have a degree or skills where's my 80k!! I'm fat white and angry!!!! Sure I could go to school to get a degree in IT, computer programming etc or go to a trade school to be a plumber or a electrician or a HVAC tech but come on thats for immigrants! They fix my toliet.

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Post ID: @8wfr+1erQGhj7

Will the real Slim Shady please stand up?
I repeat, will the real Slim Shady please stand up?

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Post ID: @7uaf+1erQGhj7

I would LOVE Mr Real to exlain to us what he thinks we should do? I understand where it is you are coming from trying to explain to ANY of the major consumers GE Power deals with. No matter what division GE has, this practice will continue. I am sick and tired of our jobs being outsourced!!! GE is a horribly run company. I always said they run the business with smoke and mirrors. I also feel the founding fathers must be rolling over in their graves as well. GE LOST ITSELF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Post ID: @7srj+1erQGhj7

One phrase for this post and Power in Schenectady. Did someone say layoffs?

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Post ID: @4jon+1erQGhj7

@1yma, GE did bow to Chinese demands to hand over secrets. This was agreed to from upper management / leadership. Why did they agree? They knew they were temporary leaders making the most personal money they could while they were in power. China also knows clearly that GE leadership bonus is based on the annual balance sheet numbers. GE leadership does not care about the future of GE. Only the future of their wallet size. GE transitioned from a product based company to a numbers game years ago.

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Post ID: @3ejl+1erQGhj7

Renewables started way before 2011, try the Wind acquisition of the failed Enron. Incorrect facts in some places makes one question the rest

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Post ID: @2wgq+1erQGhj7

The Renewables jobs in India and Asia are the localized shop for Blades cuz its too expensive to ship across the world. Congrats guys they got their clicks for ad revenue off you cuz your gullible. Next Google the vax or the g-ys getting married or some other boomer BS you can shake your fist at cuz you didn't get an education or a real skill (like a plumber) and its "their" fault.

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Post ID: @1iym+1erQGhj7

Why should anyone be the least bit surprised to learn the American jobs are going overseas for cheap labor!?
Especially now in this politically charged economy.
A friend of a friend disclosed that 15+(ish) years age there were Chinese representatives touring their DeGenerate Eclectic facility to take notes and learn the tricks of the trade.
It doesn't even need to be reverse engineered anymore, "WE" just hand technology over with a 😁 all wrapped up in a pretty little bow.
So said friend requested that they showed employee
"John/ Jane" how to sign his/her name in the Motherland's Script so to be able to cash their check at the end of the week.
Well someone must get the word out that if there was ever a time to get ready for the inevitable, then that time has finally arrived.
The best move that you can possibly make is this,
Get Out While the Gettins' Good, Run for Your Life and Your Families Lives, Don't Look Back, Do It As Soon As Possible !!!

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Post ID: @1yma+1erQGhj7

Well I smell layoffs for union shops! It’s all about the bottom dollar and where the company can save a penny. The company wants to Get the most work done for a bowl of rice. Get ready for the next couple years aught to be a good one. There will big changes and major job reductions in the states from GE. So long Schenectady get the popcorn out and watch the show. Because the stock holders will be living larger than ever and we are out of our ways of living. Back to making $16 an hour busting our backs again. This is a great system

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Post ID: @1qef+1erQGhj7

The reason why jobs are moved offshore is because of the unions i work in Schenectady for 2 years as an Ops the guys would work for 3 hours get their quota and stop, in India or China they work till the job is done.

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Post ID: @jok+1erQGhj7

CWA or IUE-CWA, it's an IUE shop making Carl Kennebrew in charge

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Post ID: @uom+1erQGhj7

Maurko, how would you explain to the citizens of India one of the last major consumers of GE power products. that their generators must be made in US vs India. You wouldn't have the chance! India would tie gov't aid to the power project and insist the generators be made there. Please take care to think more broadly before you post. Simpleton opinions aren't helpful.

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Post ID: @ybp+1erQGhj7

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