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General Electric (NYSE:GE) To be lay off workers at the onshore wind unit as part of a plan to restructure and scale a business, which is already grappling with weak demand and rising costs, Reuters reported. Wednesday.
GE (GE) notified workers in North America, Latin America, the Middle East, and Africa of the cuts today and projected cuts to the unit’s onshore wind workforce in Europe and Asia. Pacific at a later date.
According to the report, the cuts are expected to affect 20% of the unit’s workforce in the U,S, which equates to hundreds of workers.
Onshore wind is GE’s largest wind (GE) renewable businesses, but the entity has faced higher raw material costs due to inflation and supply chain pressures.
General Electric (GE) the stock has “almost reached ‘buy’ status but hasn’t yet,” Invest Heroes wrote in a note recently published analysis on Seeking Alpha.
