The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
UK, Germany, France, Switzerland, others to be confirmed
Sector
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.1 - Electric power generation, transmission and distribution
6,500 jobs Number of planned job losses
1,000 jobs Number of planned job creations
Announcement Date
13 January 2016
Employment effect (start)
18 January 2016
Foreseen end date
31 December 2017
Description
Following its US$12.4 billion (EUR 11.4 billion) takeover of Alstom and a large-scale restructuring which will see head office move from New York to Boston, General Electric intends to cut 6500 jobs from around Europe. Of these, 765 will be in France (although GE are on track to create another 1000 jobs in France in their place) and 1300 will be in Switzerland. Currently, 660 jobs are planned to be cut from the UK, although this number may be smaller as the restructuring takes place.
The job cuts will take place in GE's gas and steam power business activities, which have been declining in recent years. The takeover of Alstom brought GE's employees to around 370,000, which is being reduced through these measures. Through the Alstom acquisition and the cuts, GE hope to save around US$3 billion (EUR 2.7 billion) over the next five years.
Sources
13 January 2016: Reuters
13 January 2016: City AM
Citation
Eurofound (2016), General Electric, Internal restructuring in European Union, factsheet number 86159, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86159.
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