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GE cutting 12K jobs from Power unit to reduce structural costs

UPI
GE cutting 12K jobs from Power unit to reduce structural costs

Dec. 7 (UPI) -- Energy conglomerate General Electric said Thursday it will eliminate 12,000 jobs from its Power division as part of a restructuring plan to cut costs by about $1 billion. Officials said the cuts, about 18 percent of GE's total workforce, align with the company's broader effort to decrease costs by $3.5 billion this year and next -- and an aim to lower structural costs by hundreds of millions of dollars. GE cited a changing power market as part of the reason for the move. Gas and coal markets have softened and a growth in renewables have challenged the traditional power market worldwide. "This decision was painful but necessary for GE Power to respond to the disruption in the power