Deals
GE Plans to Cut 6,500 Jobs in Europe After Alstom Purchase
- Company to eliminate 1,700 jobs in Germany, 765 in France
- Target of $3 billion in savings is expected by end of decade
GE Plans to Eliminate 1,700 Jobs in Germany
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General Electric Co. plans to eliminate 6,500 jobs in Europe in a global restructuring effort as the industrial giant seeks $3 billion in cost savings from its purchase of Alstom SA’s energy business.
The cuts, including 1,700 positions in Germany and 765 in France, are part of a broader push to trim overlapping expenses following one of GE’s largest-ever acquisitions, which closed in November. The company expects to generate $1.1 billion in savings this year and almost three times that amount by the end of the decade.