GE layoffs: 1,000 jobs to be cut in LM Wind Power, Indians may be hit as well

GE layoffs: General Electric (GE) is planning to cut 1,000 jobs in LM Wind Power, its renewable energy business, Moneycontrol reporting citing an internal communication. The move may also affect its Indian staff as well, company insiders said as per the outlet. The downsizing could begin in the coming weeks while the talks started in January when GE Renewable Energy's LM Wind Power business CEO Olivier Fontan told employees that the company planned to be a leaner over the coming months.

General Electric layoffs: GE acquired Denmark-based LM Wind Power in 2017 for $1.65 billion.

Read more: From AI to UPI, PM Modi- Bill Gates discuss India's digital revolution: ‘Indians leading the way’, Microsoft boss says

Olivier Fontan then said in email, as per the report, “As you are all aware, the wind industry is fighting a tough battle to continue to deliver competitive renewable energy in a profitable manner. Due to the market challenges, it is necessary for us to evolve our structure to regain our competitiveness."

Hindustan Times - your fastest source for breaking news! Read now.

GE acquired Denmark-based LM Wind Power in 2017 for $1.65 billion. The company manufactures rotor blades for wind turbines and is a part of GE Vernova.

Read more: TCS begins fresher hiring: Last day to apply April 10, tests on this date

GE layoffs: Job cuts in India

The report also added that LM Wind Power will focus on external customers only and this will impact staffers in India as well.

“While we cannot share the details of the proposals at this stage, if implemented, these proposals could potentially have a net impact of approximately 1,000 role reductions globally, primarily in global functions,” Olivier Fontan's January email said.

Read more: Elon Musk testing ‘Adult content’ groups for X users? ‘Not safe’ material seen

While a company email on March 26 noted, “We will consider the outcome of the EWC process as we continue to engage meaningfully with our employee representatives at local levels. As a result, within the next weeks, potentially impacted roles at a global level will be communicated."

GE has a presence in Denmark, Spain, Poland, Canada, China, India, Brazil, the United States and many more countries. It began operations in India in 2007 and has more than 200 engineers in the country.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

• ABOUT THE AUTHOR

  

  Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.