GE to Cut 6,500 Jobs in Europe

 GE to Cut 6,500 Jobs in Europe

Following its $10.3 billion acquisition of Alstom, GE (NYSE: GE) will eliminate 6,500 jobs in Europe as it restructures in an attempt to save $3 billion by the end of the decade, according to Bloomberg.

The cuts include 1,700 jobs in Germany and 765 in France, and represent efforts to reduce overlapping expenses between GE and Alstom.  The reductions amount to about 14 percent of the company’s employee base in its European power division.
GE is lately broadening its reach in energy markets, expanding manufacturing operations of generators and oilfield equipment while divesting itself of consumer-oriented and financial divisions of the company.
The company’s acquisition of Alstom is believed by some analysts to have been motivated by GE’s desire to gain Alstom’s installed base, rather than its manufacturing capacity. GE plans to expand its servicing capabilities to include work on turbines manufactured by competitors like Siemens.

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