GE to Cut Aviation Workforce as Coronavirus Grounds Airliners
March 23 2020 - 10:42AM
Dow Jones News
By Matt Grossman
General Electric Co. said Monday that it would lay off about 10%
of the workforce at its aviation subsidiary in the face of the
Covid-19 pandemic.
The subsidiary, GE Aviation, said that the layoffs are coming in
response to falling demand as airlines ground big portions of their
fleets. The jet-engine manufacturer said that up to half of its
maintenance and repair employees might be without work for three
months.
The company has also enacted a hiring freeze, canceled raises,
and cut nonessential spending. The changes will save $500 million
to $1 billion in 2020, GE Aviation said.
David Joyce, GE Aviation's chief executive, said he would forgo
his salary for the rest of 2020.
"With regard to our financial position, the company is sound,"
Mr. Joyce said.
(END) Dow Jones Newswires
March 23, 2020 10:27 ET (14:27 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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