embattled ge plans thousands of layoffs amid cost cutting
Last Updated : GMT 10:40:21
Arab Today, arab today
Arab Today, arab today

Embattled GE plans thousands of layoffs amid cost cutting

Arab Today, arab today

Arab Today, arab today Embattled GE plans thousands of layoffs amid cost cutting

The company is selling off more than $20 billion in assets to right the ship
New York - Arab Today

Struggling industrial conglomerate General Electric announced Monday it will cut thousands of jobs to reduce costs, while shrinking its business to focus on aviation, healthcare and energy.

The maker of jet engines and power turbines, whose market capitalization has collapsed by more than $100 billion since January, will sell parts of its transportation and electricity businesses.

The company is selling off more than $20 billion in assets to right the ship, and also will exit the oil services business Baker Hughes, in which it currently has a controlling stake.

Source:AFP

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