PARIS (Reuters) - U.S. firm General Electric (GE.N) will cut 4,500 jobs across Europe after reviewing assets it purchased from France's Alstom (ALSO.PA) in 2015, French newspaper Les Echos said on Tuesday.
Citing a union source, the report said the cuts would take place in Switzerland, Germany and Britain.
GE said in a statement it was "reviewing its operations to ensure the business is best positioned to respond to our market realities and for long-term success."
I worked for GEC and it was a fabulous company .Alstom were poor and shredded what they had.
Now it over with a staff to shop floor ratio of 2-1.Joke meetings meetings ,meetings after removing experienced management at Stafford.Replacing them with every Tom ,D--k and Harry who knew nothing about the business.
I worked for GEC and it was a fabulous company .Alstom were poor and shredded what they had.
Now it over with a staff to shop floor ratio of 2-1.Joke meetings meetings ,meetings after removing experienced management at Stafford.Replacing them with every Tom ,D--k and Harry who knew nothing about the business.
Don't worry, they will find a way to mess that up, too. Whoever buys the Additive business will be able to get a good discount because of it, too.
Why would Additive relocate? It’s already in a non-union, low cost-of-living area...it’s going nowhere. Additive is one of a few technologies where GE is leading.
Additive can be easily relocated. Besides, GE will likely have to sell off the new Additive business sooner rather than later just to keep the lights on.
@2gxz Greenville will be the absolute last facility to close. It’s not happening until/unless the Power business itself goes away. You realize wind units and aviation parts are manufactured in Greenville too, not to mention the Additive capabilities there.
Greenville will be wound down once orders are completed next year. Mark my words.
Stafford closure announced,
GE dealed with EDF ( French electricity provider) and used them as guinea pig plant for the 1st HA.
French governement assume the deal between 9FA in Algeria
Menawhile Siemens dealed with Duke Energy in NC to develop their HL class.
Morality , never believe your US Citizen and US compagny neighbour are your best friends .
Some of people that was not laidoff should thanks the French Socialism Governement :-)
Rest assured the UK severance package will be valued at 10x the US package
hourly layoffs in schenectady would be great too
It seems that we are not "better together" anymore.
I work at GE Power /Alstom legacy Stafford and have for 40 years from GEC days.What a company that was.
To many middle management killing the company,meeting after meetings .
Whilst the highly skilled shop floor pay the cost.
Out of interest anyone know the UK severance package ?.
What a waste GE has been to Alstom. GE has done a great job at ruining the well-oiled and efficient portions of Alstom. GE gutted out the experienced personnel and shed the multi-level sales group and customer relationships. FieldCore is also self explanatory.
@1kla do not despair, the day for France is coming...just a bit more bureaucracy to cut through, that’s all.
So we have 65000 ex- Alstom employees getting paid a salary and a pension. That's a heck of a lot of cash down the drain every month.
Alstom Power had 46'000 employees in 2013, was not the entire Power (or majority of it) acquired?
https://www.ge.com/sites/default/files/ge_webcast_pressrelease_04302014_0.pdf
"We've added now 35,000 employees to our business," Bolze said. "It's 65,000, and we're ready to step forward." Steve Bolze, 2015
http://www.timesfreepress.com/news/business/aroundregion/story/2015/nov/03/ge-completes-106-billiacquisitialstom/333767/
@1lun, you are correct. The acquired parts of Alstom had about 20,000 employees. That's still a significant millstone around GE's neck, and this announced cut is less than 25% of that.
"Cuts in Switzerland , Germany and Britain" ---- BUT NOT IN FRANCE
Whatever you think of politicians , the French ones look like geniuses making a profit offloading a near bankrupt company while protecting local jobs.
A lot of b---s--- on here, GE bought Alstom and managed to successfully break the areas that were delivering.
If you also look at the figures you will notice gas is also massively underperforming which is the jewel in the crown for GE so you cannot point all the woes of GE to Alstom takeover, every area has failed to perform. These brutal cuts will continue to strip out the knowledge from the company and it is that that puts the future of the company at risk.
http://www.telegraph.co.uk/business/2017/12/05/general-electric-said-cutting-670-uk-roles/
You people should have done your research before buying a lame duck. It's your own fault.
@QAdbw9f-1lun, if Alstom is not big, I Melt wouldn't be so proud of it. It was "the biggest acquisition ever in the history"
@1pbu do you think before posting, or just blurt out whatever comes into your head?
60,000....holy sh!t that can’t be right. That would alone add ~$12B in structural cost! No wonder we’re sinking.
The Alstom deal has the capability of bankrupting GE Power, and ultimately the GE corporation.
It was a ridiculous duplication of capacity, facilities with no synergy to GE Power existing turbine generator product departments. It further diluted what GE Power had screwed up since 1995 when it kept moving functions away from highly concentrated, vertically integrated facilities such as Greenville ad Schenectady when they made their own parts and equipment and captured the cash flow of adding value added thru manufacturing.
Now GE Power is a mess with little synergy, spread out all over with bloated duplicate functions in Alstom, India, China, and many other locations and vendors. GE Power is bleeding cash flow to pay for al of this instead of capturing the value added cash flow into the company..
GE needs to get back to its roots where managers really know the business instead of just passing thru with new ideas to try just to get promoted. It is disgrace what has happened to the once great GE Power.
This can't happen fast enough and the number should be bigger. The ex Alstom business is bankrupting GE. The Alstom parasite is slowly killing its host so it's time to remove the parasite and return the host to health.
Legacy Alstom coming to GE has roughly 60,000 people.
Damn, 4500 is a big number...isn’t that almost the entire legacy-Alstom staff?
It is about time. What a waste Alstom has been
Amen