29 March PunjabKhabarnama : GE layoffs: General Electric (GE) is planning to cut 1,000 jobs in LM Wind Power, its renewable energy business, Moneycontrol reporting citing an internal communication. The move may also affect its Indian staff as well, company insiders said as per the outlet. The downsizing could begin in the coming weeks while the talks started in January when GE Renewable Energy’s LM Wind Power business CEO Olivier Fontan told employees that the company planned to be a leaner over the coming months.
Olivier Fontan then said in email, as per the report, “As you are all aware, the wind industry is fighting a tough battle to continue to deliver competitive renewable energy in a profitable manner. Due to the market challenges, it is necessary for us to evolve our structure to regain our competitiveness.”
GE acquired Denmark-based LM Wind Power in 2017 for $1.65 billion. The company manufactures rotor blades for wind turbines and is a part of GE Vernova.
GE layoffs: Job cuts in India
The report also added that LM Wind Power will focus on external customers only and this will impact staffers in India as well.
“While we cannot share the details of the proposals at this stage, if implemented, these proposals could potentially have a net impact of approximately 1,000 role reductions globally, primarily in global functions,” Olivier Fontan’s January email said.
While a company email on March 26 noted, “We will consider the outcome of the EWC process as we continue to engage meaningfully with our employee representatives at local levels. As a result, within the next weeks, potentially impacted roles at a global level will be communicated.”
GE has a presence in Denmark, Spain, Poland, Canada, China, India, Brazil, the United States and many more countries. It began operations in India in 2007 and has more than 200 engineers in the country.