General Electric (GE) Plans Job Cuts in LM Wind Power

General Electric (GE) is reportedly preparing to reduce its workforce by 1,000 jobs in LM Wind Power, its renewable energy subsidiary, according to a report by Moneycontrol citing an internal communication. 

As indicated by company insiders, the downsizing is anticipated to affect employees in India as well.

Market Challenges Prompt Restructuring in General Electric :

GE Renewable Energy’s LM Wind Power business CEO, Olivier Fontan, initiated discussions in January. Fontan emphasized the necessity for structural changes to enhance competitiveness in the face of market challenges and the wind industry’s struggle to sustain profitability while delivering competitive renewable energy.

In 2017, GE acquired Denmark-based LM Wind Power for $1.65 billion, integrating it into the GE Vernova portfolio. LM Wind Power specializes in manufacturing rotor blades for wind turbines.

Impact on Indian Staff:

The report suggests that LM Wind Power will focus exclusively on external customers, impacting employees in India. Fontan’s email in January hinted at potential role reductions globally, with approximately 1,000 job cuts expected, particularly in global functions.

Fontan’s email outlined plans for ongoing engagement with employee representatives and considering outcomes from the Employee Works Council (EWC) process. The company aims to communicate potentially impacted roles globally within the next few weeks.

Global Presence and Indian Operations by General Electric:

GE operates in various countries, including Denmark, Spain, Poland, Canada, China, India, Brazil, and the United States. Since its inception in India in 2007, GE has established a significant presence, boasting over 200 engineers.

Get all the latest news on Indian daily post