General Electric (GE) has announced that it would layoff more than 1,000 employees in France. The job cuts will be made mainly in the eastern region of France in Belfort which is the European headquarters for GE energy. There may be some job cuts in the Paris region as well.
The objective is to make operations more efficient in France, and it was also looking for new ways to cut cost.
In total, the company employs more than 4,000 employees in Belfort. GE has been struggling with the low demands of its gas turbines due to low oil and gas prices and its power operations also witnessed a massive loss of $28.8 billion.
GE has been regularly laying off people in Europe. Looking at the numbers, in 2015 the company laid off 6500 people in Europe and two years later another 12,000 job cuts.
Th government of France had imposed a fine of Euro 50 million on GE, as it had promised 1,000 new jobs after it purchased the power business from France’s Alstom in 2014 for failing to keep that promise.