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Report: GE could trim more than 1,000 jobs in France


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Report: GE could trim more than 1,000 jobs in France

General Electric Co. could trim up to 1,044 jobs in France as part of plans to cut costs and achieve greater efficiency, Reuters said, citing the U.S. conglomerate.

The planned layoffs would largely take place at the company's site in Belfort, though French Finance Minister Bruno Le Maire vowed to save the jobs.

GE pledged to create 1,000 jobs in Belfort as it purchased gas turbine manufacturing operations from Alstom in 2015, but failed to deliver on the commitment as the gas turbine power plant market collapsed, costing GE €50 million in 2019, according to the report.

GE recently affirmed its forecast of a negative adjusted industrial free cash flow of up to $2 billion in 2019, projecting positive cash flow in 2020 before an "acceleration" in 2021.

The company has been looking to prioritize reducing debt and strengthening the troubled power segment.