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
1,600 jobs Number of planned job losses
Announcement Date
7 December 2017
Employment effect (start)
1 January 2018
Foreseen end date
Description
The US multinational conglomerate General Electric (GE) announced it will cut 1,600 jobs in its power plant division. Two locations facing closure include GE Power Conversion in Berlin (600 employees) and GE Grid Solutions in Monchengladbach (350 employees). Additional jobs cuts will fall in Stuttgart, Mannheim and Kassel. The exact distribution of the reductions has yet to be announced.
According to management, recent business figures necessitate cost saving measures through redundancies. Negotiations regarding a social plan will start shortly. Afterwards, GE will announce a time frame regarding the job reduction measurement. The German Metalworkers’ Union (IG Metall) is very critical of the move and is calling for protests at GE’s headquarter in Frankfurt.
Worldwide, GE is planning to cut 12,000 jobs in its power plan division.
GE has 10,000 employees at 50 sites in Germany.
In January of 2016 GE already announced to cut 1,100 jobs in Germany. This job reduction measurement was implemented starting February 2017 and will conclude December 2018, mainly affecting GE’s sites in Mannheim and Bexbach.
Sources
10 December 2017: Handelsblatt (online)
10 December 2017: Mietspiegelsnews (online)
7 December 2017: Stuttgarter Zeitung (online)
7 December 2017: B.Z. Berlin (online)
Citation
Eurofound (2017), General Electric, Internal restructuring in Germany, factsheet number 92749, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92749.
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