The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.11 - Manufacture Of Engines And Turbines, Except Aircraft, Vehicle And Cycle Engines
1,000 jobs Number of planned job losses
Announcement Date
9 April 2024
Employment effect (start)
9 April 2024
Foreseen end date
Description
The wind turbine blade manufacturer LM Wind Power, a subsidiary of the General Electric Vernova, has announced that it will cut 1,000 jobs worldwide.
So far, the company revealed that the layoffs will affect jobs in Denmark, Poland and Turkey. In Denmark LM Wind Power-2024-DK, about 170 positions will be cut by the end of April 2024, while in Poland LM Wind Power-2024-PL about 200 jobs will be cut. The sources also report that GE Vernova is to close a blade factory in Turkey and cut about 700 positions.
GE Vernova is to downsize its renewable energy business and cut down production of wings. After the restructuring programme, LM Wind Power is expected to be a leaner, smaller and more profitable division within GE Vernova over the coming months.
GE Vernova took over LM Wind Power in 2017, but has not been able to make a surplus except for in 2019. LM Wind Power produces windmill wings. The company employs more than 10,000 people worldwide.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
