GE's power division planning to cut 12,000 jobs

GE Power, a division of Boston-based General Electric Co. (NYSE: GE), said Dec. 7 that it plans to cut 12,000 jobs across the globe as part of a plan to reduce costs by $1 billion in 2018.

GE said the cuts are a result of challenges in the power market worldwide, specifically a softening in the gas and coal industries. Similarly, Germany-based Siemens AG is cutting 6,900 jobs nationwide, mainly due to a drop in global demand for large gas turbines — most of Siemens’ job cuts are coming from its…

Original published: 2017-12-07 11:12:44 Read the full Houston News here

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