GE is laying off 20% of its workforce devoted to onshore wind power, costing hundreds of jobs [CNBC]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: CNBC
A note was sent out to employees yesterday. “We are taking steps to streamline and size our onshore wind business for market realities to position us for future success. These are difficult decisions, which do not reflect on our employees' dedication and hard work but are needed to ensure the business can compete and improve profitability over time,” a spokesperson for GE Renewable Energy told CNBC. GE is said to be examining its onshore wind footprint in Europe and Asia as well. GE's restructuring comes as its renewable energy business faces a trifecta of challenges: Rising input costs, supply chain issues, and competition from the likes of Siemens . While demand for clean energy options is rising as energy shortages continue wreak havoc, analysts say making it's been difficult to make wind energy a cost effective option. The recently passed Inflation Reduction Act does restore a tax credit for onshore wind, but some experts worry it came too late. According to analysis from
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GE
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- 4/23/24 - Beat
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- GE's page on the SEC website